The board of directors of China New City Commercial Development Limited announced that it has approved the following changes of the independent non-executive Directors, all with effect from 17 February 2023: Mr. Lam Yau Yiu has been appointed as an independent non-executive Director; and Mr. Shen Xiao has been appointed as an independent non-executive Director. Mr. Lam Yau Yiu, aged 59, is an independent non-executive director, the chairman of the corporate governance committee and a member of the audit committee, remuneration committee and nomination committee of Veson Holdings Limited. He joined Veson Holdings Limited and its subsidiaries on 27 September 2018.

Mr. Lam is a fellow member of the Hong Kong Institute of Certified Public Accountants and a fellow member of the Association of Chartered Certified Accountants. He has about 32 years of experience in auditing, accounting and corporate management. Mr. Lam has served as the company secretary of Crazy Sports Group Limited from February 2019 to January 2023.

Mr. Lam was the financial controller and the company secretary of Zhong An Real Estate Limited from October 2008 to December 2016. Mr. Lam graduated from the City University of Hong Kong with a bachelor degree in accountancy in 1993. He also holds a degree of Master of Business Administration from the Hong Kong University of Science and Technology since 2000.

Mr. Shen Xiao, aged 44, had about 15 years of working experience in investment banking business with BOC International Holdings Limited, Credit Lyonnais Securities Asia (CLSA) and J.P. Morgan Securities (Far East) Limited, and was responsible for corporate finance activities and cross-border merger and acquisitions for the companies in the PRC, for the period from July 2001 to May 2016. Mr. Shen was the president and executive director of Titan Invo Technology Limited from June 2016 to June 2020, and the senior vice president of Tus-Holdings Co. Ltd. from June 2020 to May 2021.

Mr. Shen graduated from graduated from Tsinghua University with a bachelor 's degree in management (accounting) in 1999 and a master 's degree in management (CFA & CGA) in 2001. Mr. Ng Sze Yuen, Terry has resigned as an independent non-executive Director and the vice chairperson of the Company, as Mr. Ng would like to devote more time and attention to his business requirements and roles; and Mr. Yim Chun Leung has resigned as an independent non-executive Director. The Board further announced that with effect from 17 February 2023: Mr. Ng has ceased to be the chairman and a member of the audit committee and a member of the corporate governance committee of the Company; Mr. Yim has ceased to be a member of the Audit Committee, the remuneration committee, the nomination committee, and the Corporate Governance Committee of the Company; Mr. Lam has been appointed as the chairman and a member of the Audit Committee and a member of the Corporate Governance Committee of the Company; and Mr. Shen has been appointed as an independent non-executive Director, a member of the Audit Committee, the Remuneration Committee, the Nomination Committee, and the Corporate Governance Committee of the Company.