The board of Chong Hing Bank Limited announced that Tsang Chiu Wing and Wong Har Kar as Executive Directors and Andrew Liu as Non-executive Director (who has additionally indicated that he would not be able to continue to devote sufficient time and attention to the affairs of the Bank because of his other commitments) will resign on December 31, 2012 in order to meet the requirement under Rule 3.10A of the Listing Rules that at least one-third of the bank's board be comprised of Independent Non-executive Directors by December 31, 2012. In this connection, Tsang and Wong, subject to the consent of Hong Kong Monetary Authority, will be appointed as Deputy Chief Executive Officers of the bank. Moreover, the board hereby also announced that Liu Lit Chi (Managing Director and Chief Executive Officer), having expressed his decision to step down from the office of the Chief Executive Officer (a position held since April 25, 2002) after having served the bank for over fifty years, will retire upon the appointment, which is subject to Hong Kong Monetary Authority's approval, of Lau Wai Man (Executive Director and Deputy Chief Executive Officer) as Chief Executive Officer of the bank.

Liu Lit Chi will, however, remain as Managing Director of the Bank and Lau its Executive Director. Liu Lit Chi, Andrew Liu, Tsang and Wong have confirmed that they have no disagreement with the board and that there are no matters relating to their upcoming resignations in question that need to be brought to the attention of the shareholders of the bank. Lau Wai Man is an Executive Director and Deputy Chief Executive Officer of the bank.

Lau is a member of the Hong Kong Institute of Certified Public Accountants and a Certified Financial PlannerCM. He was a fellow of the Association of Chartered Certified Accountants and a senior associate of the Australian Institute of Bankers. Lau joined the bank as the Chief Auditor in 1988 and became a Director of the Bank in August 2001.

He was appointed a Deputy Chief Executive Officer of the bank in July 2007. Before joining the bank, he had worked for an international bank and an international accounting firm.