CNC Holdings Limited announced that, with effect from 16 April 2024 (i) each of Dr. Jiang Yan, Dr. Li Yong Sheng and Mr. Liu Da Yong will resign as an executive Director; (ii) Ms. Tang Li will resign as a non-executive Director; and (iii) each of Mr. Wu Guo Ming and Mr. Wan Chi Keung, Aaron, BBS, JP will resign as an independent non-executive Director. The Board of CNC Holdings Limited announced that with effect from 16 April 2024: (i) each of Mr. Hui Ka Tsun and Mr. Kan Chun Ting Max will be appointed as an executive Directors; and (ii) each of Mr. Wong Chung Yip Kenneth and Mr. Lai Ah Ming Leon will be appointed as an independent non-executive Director. Mr. Hui, aged 49, has over 24 years of experience in project management and administration of various construction projects in the civil engineering industry.

He has joined and served as the project manager of Tsun Yip Waterworks and Tsun Yip Civil since 2010 and is primarily responsible for the management and operation of the Group's civil engineering projects, as well as overseeing the construction progress of various projects undertaken by the Group. Mr. Hui was further appointed as a director of Tsun Yip Waterworks and Tsun Yip Civil in 2020 and is responsible for the management and supervision of the Group's engineering projects and participating in the Group's administrative management work. He obtained a diploma in civil engineering in 1999.

Mr. Max Kan, aged 28, obtained a Bachelor of Engineering in Civil Engineering from the Hong Kong University of Science and Technology in 2018. He joined Tsun Yip Waterworks as a financial controller in 2018, and is responsible for corporate control, contracting works, project management, and overseeing various construction projects. Mr. Max Kan was appointed as a director of Tsun Yip Waterworks and Tsun Yip Civil in 2023 and is responsible for providing recommendations to the executive directors in relation to the overall management and administration of the Group's civil engineering business.

Mr. Kenneth Wong, aged 56, graduated with professional diploma in accountancy from Hong Kong Polytechnic in 1990 and obtained a Bachelor of Laws from the Peking University in the People's Republic of China in 1998. Mr. Kenneth Wong also obtained a Master of Science from The Chinese University of Hong Kong in 1999. Mr. Kenneth Wong has extensive experience in auditing, accounting and corporate finance, and is a member of the Hong Kong Institute of Certified Public Accountants.

Mr. Kenneth Wong previously worked at one of the reputable international accounting firms for six years and also worked in the Hong Kong Exchanges and Clearing Limited for over 13 years with last position as senior manager of the Listing Division of the Hong Kong Exchanges and Clearing Limited. Mr. Kenneth Wong then worked in different financial service institutions licensed by the Securities and Futures Commission as responsible officer providing corporate finance advisory services for more than 10 years. Mr. Kenneth Wong had served as the independent non-executive Director from December 2013 to October 2022.

Apart from the above, Mr. Kenneth Wong did not hold any directorships in any listed public companies in the last three years. He has not, by himself or through his firm in which he practices, provided professional services to the Company in last two years. Mr. Leon Lai, aged 66, obtained a Bachelor of Laws with Honours from the University of Wales, University College, Cardiff in July 1982 and subsequently completed a Postgraduate Certificate in Laws at the University of Hong Kong in July 1986.

Mr. Leon Lai has been a practising solicitor in Hong Kong and a member of the Law Society of Hong Kong since August 1988 and is the sole proprietor of a law firm in Hong Kong. He has also been an advocate and solicitor of the Supreme Court of Singapore since February 1995. He has been an independent non-executive director of Allan International Holdings Limited since December 1995 and Royal Deluxe Holdings Limited since January 2017.

The Board announces that, with effect from 16 April 2024: (i) Mr. Jiang Yan will resign as the chairman of the Board; and (ii) Mr. Kan will be appointed as the chairman of the Board. The Board announces that, with effect from 16 April 2024, the composition of the committees of the Board will be as follows: Audit Committee Each of Ms. Tang Li, Mr. Wu Guo Ming and Mr. Wan Chi Keung, Aaron, BBS, JP will resign as a member of the audit committee of the Company. Mr. Kenneth Wong will be appointed as a member of the Audit Committee.

Remuneration Committee Mr. Wan Chi Keung, Aaron, BBS, JP will resign as the chairman of the remuneration committee of the Company and each of Mr. Wu Guo Ming and Mr. Chin Chi Ho Stanley will resign as a member of the Remuneration Committee. Mr. Leon Lai will be appointed as the chairman of the Remuneration Committee and Mr. Kenneth Wong will be appointed as a member of the Remuneration Committee. Nomination Committee Dr. Jiang Yan has resigned as the chairman of the nomination committee of the Company and each of Mr. Wu Guo Ming, Mr. Wan Chi Keung, Aaron, BBS, JP and Mr. Stanley Chin will resign as a member of the Nomination Committee.

Mr. Kan will be re-designated as the chairman of the Nomination Committee and each of Mr. Hui, Mr. Kenneth Wong and Mr. Leon Lai has been appointed as a member of the Nomination Committee. Risk Management Committee Each of Mr. Wu Guo Ming and Mr. Wan Chi Keung, Aaron, BBS, JP will resign as a member of the risk management committee of the Company. Mr. Kwok Man To Paul will be re-designated as the chairman of the Risk Management Committee, Mr. Stanley Chin will be re-designated as a member of the Risk Management Committee, and each of Mr. Kenneth Wong and Mr. Leon Lai will be appointed as a member of the Risk Management Committee.