Cosmos Machinery Enterprises Limited announced that Mr. Cheng Tak Yin has tendered his resignation as an independent non-executive Director with effect from 24 November 2022 due to health reason. Accordingly, he will cease to be the chairman of the remuneration committee of the Company and a member of each of the audit committee of the Company and the nomination committee of the Company with effect from 24 November 2022. The Board announced that Mr. Lam Kwok Ming and Mr. Lee Wai Yip, Alvin will be appointed as independent non-executive Directors and members of the Nomination Committee with effect from 24 November 2022.

Mr. Lam, aged 58, holds a Master of Science degree in Electronic Commerce from the Hong Kong Polytechnic University. He is a member of the Hong Kong Institute of Certified Public Accountants and a fellow of the Institute of Chartered Accountants in England and Wales. He has over 30 years of experience in finance, business and management in different sectors.

He is currently the managing director of a plastics and chemicals trading and own branded personal care products company, Jacobson van den Berg (Hong Kong) Limited, which is a subsidiary of Chinney Alliance Group Limited, a company whose shares are listed in the Main Board of the Stock Exchange with stock code 385. In addition to the above, to the best recollection of Mr. Lam, he has been a director of (i) certain subsidiaries of I-China Holdings Limited (stock code: 240) and Seapower Resources International Limited (stock code: 269), both companies entered into provisional liquidation in 2002 leading to subsequent liquidation of certain subsidiaries that Mr. Lam has been a director of, and (ii) certain subsidiaries of SGA Holdings Limited that entered into winding up process in 2008. Mr. Lam has confirmed that there was no wrongful act on his part leading to the liquidation or winding up of the aforesaid companies, and that he is not aware of any actual or potential claim that has been or will be made against him as a result of the liquidation or winding up of the aforesaid companies.

Mr. Lee, aged 44, obtained a Degree of Bachelor of Science in Business Administration (Management) from San Jose State University in the United States of America in 2001. He has over 20 years of experience in the information technology industry. He serves as the chief executive officer of Armitage Technologies Limited since 2011.

He is also currently the chairman of the Information and Software Industry Association and the vice chairman of Hong Kong Electronic & Technologies Association. Mr. Lee has entered into a letter of appointment with the Company for a term of three years commencing from 24 November 2022, which may be terminated by either party giving an advanced written notice of one month in accordance with the terms of the letter of appointment. Pursuant to the Articles, he shall hold office until the next following annual general meeting of the Company and shall be eligible for re-election at that meeting, and thereafter is subject to retirement by rotation and re-election at the general meetings of the Company.

Mr. Lee is entitled to a director's fee of HKD 100,000 per annum, which was determined by the Board based on the recommendation of the Remuneration Committee, with reference to his qualification and experience, his duties and responsibilities in the Company, the Group's performance and profitability, remuneration benchmark in the industry and prevailing market condition. The Board announced that with effect from 24 November 2022 Mr. Cheng will cease to be the chairman of the Remuneration Committee and a member of each of the Audit Committee and the Nomination Committee; Mr. Lam and Mr. Lee will be appointed as members of the Nomination Committee; Mr. Kan Wai Wah, a non-executive Director, will be appointed as a member of the Audit Committee; and Ms. Yeung Shuk Fan, an independent non-executive Director, will be re-designated from a member to the chairman of the Remuneration Committee.