The board of directors of Finet Group Limited announced that with effect from 11 October 2022, Mr. Lin Dongming has resigned as a non-executive Director of the Company and Mr. Leung Chi Hung has resigned as an independent non-executive Director and a member of the audit committee of the Company due to their personal commitments. The Board announced that Mr. Chu Ka Chung has been appointed as an independent non-executive Director and a member of the Audit Committee with effect from 11 October 2022. Mr. Chu, aged 39, has extensive experience in equities trading and raising investor engagement and institutional capital in the private markets.

His key relationship includes institutional investors, private equity investors, family offices and listed companies in Asia, Europe and North America. Over the last decade, he setup his owned advisory firm, advising multiple listed companies and private companies to raise capital across full spectrum of institutional investors. In related to his experience in real estate market, Mr. Chu has been representing several listed and state owned companies in China to source land banks, infrastructure and mining projects from North America and South East Asia.

And currently, he is running a real estate project in the Caribbean islands with a multi-national group, which involves residential, resort and infrastructure development. He was a Vice President at BOCOM International Securities, a subsidiary of Bank of Communication for 7 years from 2009 to 2015, the deals he involved including fundraising from institutional investors for several Chinese commercial banks and securities firms at their IPO launches, advising and guiding his clients in book building and placing activities. Mr. Chu graduated from the University of Waterloo in Canada, with a Bachelor degree in Environmental Civil Engineering in 2006.

He worked for the government of City of Toronto, and an engineering firm in Macau for several years before moving back to Hong Kong focusing his career in the financial and real estate market. Mr. Chu has entered into a service contract with the Company for an initial term of one year and it can be terminated by either party giving one month's written notice or by payment in lieu of notice. He is subject to retirement by rotation and re-election in accordance with the Rules Governing the Listing of Securities on the GEM of the Stock Exchange and the Bye-Laws of the Company.

Mr. Chu is entitled to receive a director's fee of HKD 120,000 per annum, determined by the Board or its delegated committee with reference to his duties and responsibilities as well as the prevailing market conditions. Mr. Chu does not at present, nor did he in the past three years, hold any directorships in other public companies the securities of which are listed on any securities market in Hong Kong or overseas, nor does he hold other positions in the Company or members of the Group. He does not have any relationship with any Directors or senior management or substantial shareholders or controlling shareholders of the Company.

Save as disclosed above, there is no other information which is discloseable pursuant to any of the requirements under Rules 17.50(2)(h) to 17.50(2)(v) of the GEM Listing Rules, and there are no other matters relating to the appointment of Mr. Chu that need to be brought to the attention of the Shareholders. The Board would like to welcome Mr. Chu for joining as a member of the Board.