Hybrid Kinetic Group Limited Board announced that with effect from 21 March 2024, Mr. Chan Sin Hang (Mr. Chan) and Mr. Cheng Tat Wa (Mr. Cheng) have resigned as independent non-executive Directors due to their respective intention to devote more time to his personal affairs and commitments. Each of Mr. Chan and Mr. Cheng confirmed that he had no disagreement with the Board and there is no matter regarding their resignation that need to be brought to the attention of the shareholders of the Company. The Board announced that Mr. On Ka Sing (Mr. On) has been appointed as an independent non-executive Director with effect from 21 March 2024. Mr. On, aged 50, has been appointed as independent non-executive director of the Company
with effect from 21 March 2024. Mr. On holds a Master 's Degree of Management in Financial Management from The Macquarie Graduate School of Management since 2004. He is a member of the Hong Kong Institute of Certified Public Accountants since 2000. Mr. On has over 26 years of working experience in finance, financial reporting and business development. Mr. On has been taking up senior positions in the financial and business sectors for over 20 years. Mr. On has signed an appointment letter with the Company pursuant to which he has agreed to act as an independent non-executive director of the Company for an initial term of one year commencing from 21 March 2024, renewable automatically for successive terms of one year upon expiry of the then current term of his appointment unless terminated in accordance with the terms of the appointment letter. Mr. On is subject to retirement by rotation and re-election in accordance with the bye-laws of the Company. The Board further announced that following the changes of independent non-executive Directors as announced above, the composition of each of the audit committee of the Company (the Audit Committee), the Remuneration Committee and the nomination committee of the Company (the Nomination Committee), has been changed as follows with effect from 21 March 2024: Mr. Chan has ceased to be a member of each of the Audit Committee, Remuneration Committee and Nomination Committee; Mr. Cheng has ceased to be the chairman of each of the Audit Committee and Remuneration Committee and a member of the Nomination Committee; Mr. On has been appointed as a member of each of the Audit Committee, Remuneration Committee and Nomination Committee; Dr. Zhu Guobin, an independent non-executive Director, has been appointed as a member of the Audit Committee; and Dr. Li Jianyong, an independent non-executive Director, has been appointed as the chairman of each of the Audit Committee and Remuneration Committee, and a member of the Nomination Committee.