PYI : CHANGE IN INFORMATION ON DIRECTOR

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PYI Corporation Limited

(Incorporated in Bermuda with limited liability)

(Stock code: 498)

CHANGE IN INFORMATION ON DIRECTOR

This announcement is made by PYI Corporation Limited (the "Company") pursuant to Rule 13.51B(2) of the Rules (the "Listing Rules") Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") in relation to change of information regarding Mr. Chan Shu Kin ("Mr. Chan"), an independent non-executive director of the Company, as set out below.

Mr. Chan is also an independent non-executive director of GTI Holdings Limited ("GTI"), a company incorporated in the Cayman Islands with limited liability and the shares of which are listed on the Main Board of the Stock Exchange (stock code: 3344.HK). According to GTI's various announcements published on the website of the Stock Exchange since 9 January 2020 up to 2 September 2020:

1. on 3 January 2020, GTI received a petition filed by two holders of the bonds issued by GTI in the High Court of Hong Kong ("High Court") for an order that GTI be wound up, which petition is about an outstanding principal and accrued interest in the aggregate amount of HK$2,777,819;
2. on 13 March 2020, GTI received a petition filed by a holder of the bonds issued by GTI in the High Court for an order that GTI be wound up, which petition is about an outstanding principal and accrued interest in the aggregate amount of HK$7,815,600;
3. on 16 March 2020, GTI received a petition filed by Wang Rujing in the High Court for an order that GTI be wound up, which petition is about an outstanding judgement sum and accrued interest in the aggregate amount of HK$1,913,361.51;
4. on 19 March 2020, GTI received a petition filed by a holder of the bonds issued by GTI in the High Court for an order that GTI be wound up, which petition is about an outstanding principal and accrued interest in the aggregate amount of HK$3,843,876.38;
5. the hearings of the above winding up petitions have been adjourned; and

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1. to facilitate its financial restructuring, GTI filed with the Grand Court of the Cayman Islands (the "Cayman Court") a winding up petition together with an application for the appointment of joint and several provisional liquidators ("JPLs") of GTL (for restructuring purposes), pursuant to which an order in favour of GTI was granted by the Cayman Court on 28 May 2020 and JPLs were appointed on a light touch approach for restructuring purposes.

According to the information in the annual report of GTI for the year ended 31 December 2019, GTI and its subsidiaries are principally engaged in trading of petroleum and chemical products, textile business and RMB banknotes clearing up services business. Mr. Chan confirmed that, save as disclosed above, there is no other information that is required to be disclosed by him pursuant to Rule 13.51B(2) of the Listing Rules.

By Order of the Board

PYI Corporation Limited

Ho Sze Nga, Maggie

Company Secretary

Hong Kong, 17 September 2020

As at the date of this announcement, the composition of the board of directors of the Company is as follows:

Mr. Lau Tom Ko Yuen	:	Chairman and Managing Director
Mr. Sue Ka Lok	:	Executive Director
Ms. Wu Yan Yee	:	Executive Director
Mr. Chan Shu Kin	:	Independent Non-Executive Director
Ms. Wong Lai Kin, Elsa	:	Independent Non-Executive Director
Mr. Leung Chung Ki	:	Independent Non-Executive Director

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