PYI : REDESIGNATION OF EXECUTIVE DIRECTOR; APPOINTMENT OF NON-EXECUTIVE CHAIRMAN; APPOINTMENT OF EXECUTIVE DIRECTOR AND VICE CHAIRMAN; AND CHANGE IN THE COMPOSITION OF BOARD COMMITTEES

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

PYI Corporation Limited

(Incorporated in Bermuda with limited liability)

(Stock Code: 498)

REDESIGNATION OF EXECUTIVE DIRECTOR;

APPOINTMENT OF NON-EXECUTIVE CHAIRMAN;

APPOINTMENT OF EXECUTIVE DIRECTOR AND VICE CHAIRMAN; AND

CHANGE IN THE COMPOSITION OF BOARD COMMITTEES

The board of directors (the "Board") of PYI Corporation Limited (the "Company", together with its subsidiaries, the "Group") announces that with effect from 1 April 2021:

1. Mr. Lau Tom Ko Yuen ("Mr. Lau") has been redesignated from an executive director (the "Executive Director") and the chairman of the Company (the "Chairman") to an Executive Director and the vice chairman, China of the Company (the "Vice Chairman, China");
2. Mr. Kwong Kai Sing, Benny ("Mr. Kwong") has been appointed as the non-executive chairman of the Company (the "Non-executiveChairman");
3. Mr. Sam Nickolas David Hing Cheong ("Mr. Sam") has been appointed as an Executive Director and the vice chairman of the Company (the "Vice Chairman");
4. Mr. Lau has resigned as a member of the remuneration committee (the
   "Remuneration Committee"), the nomination committee (the "Nomination
   Committee") and the share repurchase committee of the Company (the "Share Repurchase Committee"); and
5. Mr. Sam has been appointed as a member of the Remuneration Committee, the Nomination Committee and the Share Repurchase Committee.

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REDESIGNATION OF AN EXECUTIVE DIRECTOR

As Mr. Lau ceased to be a substantial shareholder of the Company, he has been redesignated from an Executive Director and the Chairman to an Executive Director and the Vice Chairman, China, who shall be responsible for businesses of the Group in China, with effect from 1 April 2021. He remains as a director of various subsidiaries of the Group. Mr. Lau has confirmed that he does not have any disagreement with the Board and there is no matter that needs to be brought to the attention of the shareholders of the Company and/or The Stock Exchange of Hong Kong Limited (the "Stock Exchange") in relation to his redesignation.

Mr. Lau, aged 69, joined the Company as an Executive Director in 1993 and was appointed as the deputy Chairman in 1995. Mr Lau was also appointed as the managing director of the Company (the "Managing Director") in 2005 and has been responsible for the corporate development strategy and overall performance of the Group. He had been redesignated from deputy Chairman to Chairman since 26 September 2011. He had been redesignated from the Chairman and the Managing Director to Chairman since 18 January 2021. Mr Lau has over 40 years of international corporate development and management experience in infrastructure developments as well as construction and engineering services involving road, rail, port, power, telecommunications, mining and resources sectors in the Asia Pacific Region. He was also the deputy chairman and an executive director of South Shore Holdings Limited (stock code: 0577) from 19 February 2013 to 10 June 2020 and is the deputy chairman and a non-executive director of Prosperity Investment Holdings Limited (stock code: 310). Mr. Lau is deemed to be interested in approximately 0.32% of the entire issued share capital of the Company pursuant to Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the "SFO") as at the date of this announcement.

Save as disclosed above, as at the date of this announcement, there is no other information to be disclosed pursuant to Rule 13.51(2) of the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules").

APPOINTMENT OF NON-EXECUTIVE CHAIRMAN

Mr. Kwong, who is a substantial shareholder of the Company holding approximately 15.10% of its entire issued share capital, has been appointed as the Non-executive Chairman with effect from 1 April 2021. Mr. Kwong has entered into a letter of appointment with no fixed term of service with the Company but is subject to retirement by rotation and re-election at the general meetings of the Company in accordance with the bye-laws of the Company. Mr. Kwong is entitled to a remuneration of HK$125,000 per month which are approved by Remuneration Committee. His remuneration has been determined by the Remuneration Committee and the Board based on his qualifications, experience, level of responsibilities undertaken and the prevailing market conditions.

Mr. Kwong, aged 62, joined the Company as a non-executive director on 9 February 2021. He holds a Bachelor's degree in Arts from Simon Fraser University in British Columbia, Canada.

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Mr. Kwong held senior positions with major international banks in Hong Kong in respective lending departments and China department and has served as executive director of various listed companies in Hong Kong. Mr. Kwong has extensive experience and knowledge in banking and financial services industry.

Mr. Kwong was an appointed member of the China People's Political Consultative Conference of the Hubei Province and Zhaoqing City of the Guangdong Province. He is the Audit Committee member of Tung Wah College since 2013 and was the Hospital Governing Committee member of Tai Po Hospital from 2012 to 31 March 2021. He is currently an executive director of Tai United Holdings Limited (stock code: 0718), a company listed on the Stock Exchange since April 2018. He was an independent non-executive director of Planetree International Development Limited (stock code: 0613), a company listed on the Stock Exchange, from April 2019 to April 2020 and became a non-executive director from April 2020 to 17 February 2021. He was an executive director of GT Group Holdings Limited (stock code: 0263), a company listed on the Stock Exchange, from September 2017 to April 2018.

APPOINTMENT OF EXECUTIVE DIRECTOR AND VICE CHAIRMAN

The Board announces that with effect from 1 April 2021, Mr. Sam has been appointed as an Executive Director and the Vice Chairman who shall be responsible for the businesses and development of the Group as a whole.

Biographical details of Mr. Sam are set out as follows:

Mr. Sam, aged 39, holds a Bachelor of Laws with Honours and a Bachelor of Arts from the University of Waikato, New Zealand. Mr. Sam is admitted as a solicitor in England and Wales, the British Virgin Islands, New Zealand, and also as an attorney in the Republic of the Marshall Islands. Mr. Sam is presently a senior registered foreign lawyer at Hauzen LLP, a specialist corporate law firm.

Mr. Sam is also a non-executive director of Oshidori International Holdings Limited (stock code:

1. ("Oshidori"), a company listed on the Stock Exchange which is a substantial shareholder of the Company. Mr. Sam was previously the chairman of Oshidori between 28 January 2019 to 5 June 2020; the acting chairman of Oshidori from 5 April 2017 to 28 January 2019; and the chief executive officer of Oshidori from 27 March 2012 to 6 April 2017. Mr. Sam was re- designated from an executive director and the chairman of Oshidori to a non-executive director on 5 June 2020.

Mr. Sam has entered into a letter to appointment with no fixed term of service with the Company but is subject to retirement by rotation and re-election at the general meetings of the Company in accordance with the bye-laws of the Company. Mr. Sam is entitled to a remuneration of HK$125,000 per month with a discretionary bonus as approved by the Remuneration Committee. His remuneration has been determined by the Remuneration Committee and the Board based on his qualifications, experience, level of responsibilities undertaken and the prevailing market conditions.

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Save as disclosed herein, as at the date of this announcement, Mr. Sam:

1. does not hold any position in the Company or other members of the Group;
2. does not hold any directorship in any public companies the securities of which are listed on any securities market in Hong Kong or overseas in the last three years preceding the date of his appointment;
3. is not interested in and does not hold any short position in any shares or underlying shares or any debentures of the Company or any of its associated corporations within the meaning of Part XV of the SFO; and
4. is not connected to and has no relationship with any directors, senior management of the Company or substantial shareholders or controlling shareholders of the Company (as defined in the Listing Rules).

Save as disclosed above, there is no other information to be disclosed pursuant to Rule 13.51(2) of the Listing Rules and there are no matters that need to be brought to the attention of the shareholders of the Company and/or the Stock Exchange in relation to the appointment.

The Board would like to extend its warmest welcome to Mr. Sam for joining the Company.

CHANGE IN THE COMPOSITION OF BOARD COMMITTEES

The Board announces that with effect from 1 April 2021:

1. Mr. Lau has resigned as a member of the Remuneration Committee, the Nomination Committee and the Share Repurchase Committee; and
2. Mr. Sam has been appointed as a member of the Remuneration Committee, the Nomination Committee and the Share Repurchase Committee.

By Order of the Board

PYI Corporation Limited

Ho Sze Nga, Maggie

Company Secretary

Hong Kong, 1 April 2021

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As at the date of this announcement, the Board comprises the following Directors:

Executive Directors:	Non-Executive Director:	Independent Non-Executive
Mr. Sam Nickolas David	Mr. Kwong Kai Sing, Benny	Directors:
Hing Cheong	(Non-executive Chairman)	Mr. Ma Ka Ki
(Vice Chairman)		Mr. William Nicholas Giles
Mr. Lau Tom Ko Yuen		Mr. Leung Chung Ki
(Vice Chairman, China)
Mr. Marc Andreas Tschirner
(Managing Director)
Mr. Au Wai June

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