The board of directors of HG Semiconductor Limited announced that Zhao Yi Wen has tendered his resignation as the chairman of the Board, but remains as an executive director of the Company with effect from 5 June 2023, in order to devote more time to pursue his other business commitments. Mr. Zhao confirmed that he has no disagreement with the Board and there is no other matter in relation to his resignation that needs to be brought to the attention of the shareholders of the Company and The Stock Exchange. The Board further announces that Dr. Xu Zhihong, an Executive Director, vice chairman of the Company, has been re-designated as the chairman with effect from 5 June 2023.

Dr. Xu also has been appointed as the chairman of Nomination Committee and a member of Remuneration Committee of the Board with effect from 5 June 2023. The board of the Company announced that Mr. Zou Haiyan and Mr. Siu Miu Man, Simon, MH have been appointed as the independent non-executive Directors with effect from 5 June 2023. The biographical details of Mr. Zou and Mr. Siu are set out below: Mr. Zou Haiyan Mr. Zou aged 58, has been appointed as Independent Non-executive Director of the Company, chairman of the Audit Committee and the Remuneration Committee, and a member of the Nomination Committee of the Board on 5 June 2023.

Mr. Zou, graduated from Guangdong Provincial Finance School in Taxation* with a Bachelor's degree of Taxation, from University of Electronic Science and Technology with a Bachelor's degree of Human Resources Management, from European Business School in the Netherlands with a Master's degree of EMBA and from Shanxi Normal University with a Bachelor's degree of Law. He has obtained the qualifications of Chinese Institute of Certified Public Accountant (CICPA), a Fellow of the Institute of Public Accountants of Australia (FIPA), a Fellow of the Institute of Financial Accountants of British (FFA), an Associate member of International Accountants (AAIA), a member of the Institute of Cost Accountants of India (ACMA), and a Certified Financial Planner (FChFP), as well as who has over 30 years of experience in the financial and accounting services industry. Mr. Zou is currently an independent non-executive director of Universal Health International Group Holding Limited, a company listed on the Stock Exchange of Hong Kong.

He also is an independent director of Shenzhen AV-Display Co. Ltd., Shenzhen Yanmade Technology Co. Ltd. and Inner Mongolia Xianhong Science Co.

Ltd., which is listed on the China growth enterprise market, the China Science and Technology Innovation Board and the China NEEQ respectively. Meanwhile, Mr. Zou is a Managing Partner of Shenzhen Guangshen Certified Public Accountants, and managing Director of China Tax And Business Consultants Limited and Kaowick Financial And Listing Services Limited. Mr. Zou has been a training instructor and guest lecturer of the Association of Chartered Certified Accountants (ACCA) Hong Kong, Associate of International Accountants (AIA) Hong Kong, Hong Kong Chinese Accountants Association, The Hong Kong Institute of Chartered Secretaries (HKICS) continuing education of Shanghai University of Finance and Economics Institute, City University of Hong Kong, The University of Hong Kong and The Hong Kong Polytechnic University.

He was an Adjunct Associate Professor of The Hong Kong Polytechnic University, and a distinguished Professor at the School of Continuing Education of Shanghai University of Finance and Economics. Mr. Siu Miu Man, Simon, MH: Mr. Siu, aged 65, has been appointed as Independent Non-executive Director, a member of the Audit Committee, Nomination Committee and Remuneration Committee of the Company Group on 5 June 2023. Mr. Siu graduated from The Hong Kong Polytechnic University with a Polytechnic Associateship in Building Technology and Management and a Master of Science in Electronic Commerce.

He is a corporate member of the Hong Kong Institution of Engineers, Hong Kong Institute of Surveyors (General Practice Stream), Royal Institution of Chartered Surveyors (General Practice Stream) and Chartered Institute of Arbitrator. Mr. Siu is an Authorized Person under the Hong Kong Building Ordinance of the Government of the HKSAR. He is also a Registered Professional Engineer (Building Stream) and a Registered Professional Surveyor (General Practice Stream).

He is currently an independent non-executive director of Value Convergence Holdings Limited and Excalibur Global Financial Holdings Limited, which are companies listed on the Stock Exchange of Hong Kong. He is also a director of DBG Technology Co. Ltd. Meanwhile, Mr. Siu is also a director of a consultancy firm and engineering firm.

He had served in many public listed companies as senior management and has over 25 years of managerial experience in general management, commerce, banking, finance, real estate development and construction business. Resignation of independent non-executive directors: Mr. Chan Chung Kik, Lewis has resigned as an independent non-executive Director of the Company, also has ceased as the Chairman of the Audit Committee, Nomination Committee and Remuneration Committee of the Company in order to devote more time to pursue his other business commitments with effect from 5 June 2023. Mr. Chan confirmed that he has no disagreement with the Board of the Company and there is no other matter in relation to his resignation that needs to be brought to the attention of the shareholders of the Company and The Stock Exchange.

Mr. Wu Wing Kuen, B.B.S. has resigned as an independent non-executive Director of the Company, also has ceased as the member of the Audit Committee, Nomination Committee and Remuneration Committee of the Company in order to devote more time to his other business engagements with effect from 5 June 2023. Mr. Chan confirmed that he has no disagreement with the Board of the Company and there is no other matter in relation to his resignation that needs to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited.