The board of directors of Bauhaus International (Holdings) Limited announced Wong Yui Lam has ceased the position of the chief executive officer of the Group with effect from 7 May 2020. After that, Mr. Wong continues to be the chairman and executive director of the Company. Mr. Wong has confirmed he has no disagreement with the Company or the Board and there is o further information in relation to change of chief executive officer that needs to be brought to the attention of the holders of securities of the Company. Meanwhile, Mr. Yeung Yat Hang, a current executive director of the Company, has been appointed as the chief executive officer of the Group with effect from 7 May 2020. Mr. Yeung has more than 20 years of experience in business negotiation, project management, shop decoration and retail operation. He has been the Operation Manager of the Group for over 20 years and responsible for the Group's leasing affairs and executing various development projects. Mr. Yeung is a director of a number of subsidiaries of the Group. He joined the Group in May 1994. Mr. Yeung renewed his directors' service contract with the Company for a term of three years commencing from 1 May 2020. The service contract is subject to termination by either party giving not less than six months' notice in writing served by either party on the other without payment of compensation. Mr. Yeung is subject to retirement and rotation requirements in accordance with the articles of association of the Company. There is no service agreement in relation to Mr. Yeung's appointment as the Chief Executive Officer.