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.

Cowell e Holdings Inc.

৷ਃཥɿછٰϞࠢʮ̡

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 1415)

(1) RESIGNATION OF CO-CHIEF EXECUTIVE OFFICERS,

CHIEF FINANCIAL OFFICER AND

AUTHORIZED REPRESENTATIVE; AND

(2) APPOINTMENT OF CHAIRMAN OF THE BOARD, NON-EXECUTIVE DIRECTORS, CHIEF EXECUTIVE OFFICER,

CHIEF FINANCIAL OFFICER AND AUTHORIZED REPRESENTATIVE

The Board announces that with effect from 1 March, 2021:

  • (1) Mr. Lee Kyung Koo has resigned as a co-chief executive officer of the Company;

  • (2) Mr. Cho Young Hoon has resigned as a co-chief executive officer of the Company, the CFO and the Authorized Representative;

  • (3) Mr. Meng Yan, an executive Director, has been appointed as the chairman of the Board;

  • (4) Mr. Chen Han-Yang has been appointed as a non-executive Director and the Authorized Representative;

  • (5) Mr. Yang Li has been appointed as a non-executive Director; and

  • (6) Mr. Wu Ying-Cheng, an executive Director, has been appointed as the CEO and the CFO.

RESIGNATION OF CO-CHIEF EXECUTIVE OFFICERS, CHIEF FINANCIAL OFFICER AND AUTHORIZED REPRESENTATIVE

The board (the "Board") of directors (the "Director(s)") of Cowell e Holdings Inc. (the "Company" and together with its subsidiaries, the "Group") hereby announces that Mr. Lee Kyung Koo ("Mr. Lee") has resigned as a co-chief executive officer of the Company with effect from 1 March, 2021 in order to devote more time to his personal business.

The Board further announces that Mr. Cho Young Hoon ("Mr. Cho") has resigned as a co-chief executive officer of the Company, the chief financial officer of the Company (the "CFO") and the authorized representative of the Company (the "Authorized Representative") under Rule 3.05 of the Rules (the "Listing Rules") Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") with effect from 1 March, 2021 in order to devote more time to his personal business.

Mr. Lee and Mr. Cho have confirmed that they have no disagreements with the Board and there is no matter that needs to be brought to the attention of the shareholders of the Company (the "Shareholders") or the Stock Exchange.

The Board would like to take this opportunity to express its sincere gratitude to Mr. Lee and Mr. Cho for their valuable contribution to the Company during their tenure of service.

APPOINTMENT OF CHAIRMAN OF THE BOARD

The Board is pleased to announce that Mr. Meng Yan ("Mr. Meng"), an executive Director, has been appointed as the chairman of the Board with effect from 1 March, 2021.

Biographies

The biographical details of Mr. Meng is set out as below:

Mr. Meng Yan (֧֗), aged 45, was appointed as an executive Director with effect from 15 January 2021. Mr. Meng obtained a bachelor's degree in mechanical and electrical engineering from the University of Electronic Science and Technology of China (ཥɿ ߅Ҧɽኪ) in 1998. Mr. Meng has extensive experience in operation, investment and corporate management. He has previously worked in leading companies in the electronic industries, such as International Business Machines Corporation, Sony Ericsson Mobile Communications (now known as Sony Mobile Communications Corporation) and Knowles Corporation. He joined the Luxshare Precision Industry Co., Limited as a vice president in 2016.

Service Contracts

Mr. Meng has entered into a service contract with the Company under which he agreed to act as executive Director for an initial term of three years commencing from 15 January, 2021, which may be terminated by not less than one months' notice in writing served by either Mr. Meng or the Company. Such appointment is subject to provisions relating to retirement by rotation and reelection in accordance with the articles (the "Articles") of association of the Company. Mr. Meng and the Company will not enter into a new service contract for his appointment as the chairman of the Board. Mr. Meng is entitled to a remuneration of USD150,000 per annum as an executive Director, which has been determined and approved by the Board having considered his responsibilities and duties, the Company's remuneration policy and the prevailing market standards. No additional remuneration will be paid to Mr. Meng for his appointment as the chairman of the Board.

APPOINTMENT OF NON-EXECUTIVE DIRECTORS AND AUTHORIZED REPRESENTATIVE

The Board is pleased to further announce that (i) Mr. Chen Han-Yang ("Mr. Chen") has been appointed as a non-executive Director and the Authorized Representative; and (ii)

Mr. Yang Li ("Mr. Yang") has been appointed as a non-executive Director, with effect from 1 March, 2021.

Biographies

The biographical details of Mr. Chen and Mr. Yang are set out as below:

Mr. Chen Han-Yang (௓ဏݱ), aged 50, obtained a master's degree in banking and finance from the Tamkang University (̨ᝄ૱Ϫɽኪ) in 1998. Mr. Chen has been working in the investment, mergers and acquisitions and corporate management in Fortune 500 corporations. He has been the head of investment of Luxshare Precision Industry Co.,

Limited since 2016 and has been primarily responsible for corporation investment. Mr. Chen has extensive experience in the consumer electronics industry.

Mr. Yang Li (เͭ), aged 36, joined Luxshare Precision Industry Co., Limited in July 2007.

He has over 10 years of experiences in supply chain and operation management in consumer electronics industry. He has been chief operating officer of Shenzhen Luxshare Precision Industry Co., Limited, Bozhou Lanto Electronics Co., Limited and Luxshare Precision Industry (Chuzhou) Co., Limited. He has extensive experience in supply chain management and operation management.

Letter of Appointments

Each of Mr. Chen and Mr. Yang has entered into a letter of appointment with the Company under which he agreed to act as non-executive Director for an initial term of three years commencing from 1 March, 2021, which may be terminated by not less than one month's notice in writing served by either the relevant Director or the Company. Pursuant to the Articles, each of Mr. Chen and Mr. Yang will hold office until the next following general meeting of the Company and shall then be eligible for re-election at the meeting. Thereafter, the appointment of Mr. Chen and Mr. Yang is subject to the provisions relating to retirement by rotation and re-election in accordance with the Articles. Each of Mr. Chen and Mr. Yang is entitled to a remuneration of USD50,000 per annum as non-executive Director, which have been determined and approved by the Board having considered his responsibilities and duties, the Company's remuneration policy and the prevailing market standards.

The Board would like to extend a warm welcome to Mr. Chen and Mr. Yang on their appointment as non-executive Directors.

APPOINTMENT OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

The Board further announces that Mr. Wu Ying-Cheng ("Mr. Wu"), an executive Director, has been appointed as the Chief Executive Officer ("CEO") of the Company and the CFO with effect from 1 March, 2021.

Biographies

The biographical details of Mr. Wu is set out as follows:

Mr. Wu Ying-Cheng (юߵ݁), aged 52, was appointed as an executive Director with effect from 15 January 2021. Mr. Wu obtained a master's degree in material science from the Department of Mechanical Engineering of the National Chung Hsing University (਷ͭʕ ጳɽኪ) in 1993. Mr. Wu has been working in the semiconductor assembly technology and camera module development industries since 1995. He has been a general manager of Lite-On Singapore Pte. Limited for portable image device business unit since 2015 and a general manager of Luxvisions Innovation Limited since 2018.

Service Contract

Mr. Wu has entered into a service contract with the Company under which he agreed to act as executive Director for an initial term of three years commencing from 15 January, 2021, which may be terminated by not less than one month's notice in writing served by either Mr. Wu or the Company. Such appointment is subject to provisions relating to retirement by rotation and reelection in accordance with the Articles. Mr. Wu is entitled to a remuneration of USD150,000 per annum as an executive Director, which has been determined and approved by the Board having considered his responsibilities and duties, the Company's remuneration policy and the prevailing market standards.

Mr. Wu and the Company will enter into a new service contract for his appointment as the CEO and CFO. Additional remuneration of USD210,000 per annum will be paid to Mr. Wu for his appointment as the CEO and CFO. The remuneration payable to Mr. Wu have been approved by the Board having considered his responsibilities and duties, the Company's remuneration policy and the prevailing market standards.

Save as disclosed above, each of Mr. Meng, Mr. Chen, Mr. Yang and Mr. Wu (i) does not hold any position with the Company or other members of the Group; (ii) does not have any relationship with the Directors, senior management, substantial or controlling shareholders (as defined in the Listing Rules) of the Company; and (iii) has not held any directorship in public companies the securities of which are listed on any securities market in Hong Kong or overseas in the past three years.

Save as disclosed above, there is no other information which is required to be disclosed pursuant to the requirements of Rule 13.51(2)(h) to (v) of the Listing Rules and there are no other matters relating to Mr. Meng, Mr. Chen, Mr. Yang and Mr. Wu which the Board considers necessary to be brought to the attention of the Shareholders.

By order of the Board of

Cowell e Holdings Inc. Meng Yan/Wu Ying-Cheng

Executive Directors

Hong Kong, 26 February 2021

As at the date of this announcement, the Board comprises Mr. Meng Yan and Mr. Wu Ying-Cheng as executive Directors; and Ms. Su Yen-Hsueh, Mr. Tsai Chen-Lung and Mr. Luo Zhenbang as independent non-executive Directors.

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Cowell e Holdings Inc. published this content on 26 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 February 2021 13:08:04 UTC.