The board of directors of ICO Group Limited announced that each of Mr. Leong Yeng Kit (‘Mr. Leong') and Mr. Chiu King Yan (‘Mr. Chiu') did not offer himself for re-election at the annual general meeting held on 31 August 2022 due to his other business commitments. Mr. Leong has retired as the executive Director and ceased to be the authorised representative (the ‘Authorised Representative') of the Company for the purpose of Rule 3.05 of the Listing Rules and a member of remuneration committee (the ‘Remuneration Committee') with effect from the conclusion of the AGM. Mr. Chiu has retired as independent non-executive Director and ceased to be a member and the chairman of the audit committee (the ‘Audit Committee') and an authorised representative of the Company for accepting service of process or notice in Hong Kong of the Company under Part 16 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) (the ‘Process Agent') with effect from the conclusion of the AGM.

Following the retirement of Mr. Leong Yeng Kit, Mr. Pun Shing Cheung has been appointed as executive Director with effect from 31 August 2022. Mr. Pun Shing Cheung (‘Mr. Pun'), aged 38, is currently the financial controller, company secretary and the authorised representative of the Company as required under Rule 3.05 of the Listing Rules. Mr. Pun joined the Group in 2019 and is responsible for overseeing the accounting and financial operations as well as the company secretarial function of the Group.

Mr. Pun has over ten years of experience in accounting and auditing. Mr. Pun also serves as company secretaries of the subsidiaries of the Group. Prior to joining the Company, Mr. Pun had worked for one of the big four international accounting firms and several companies listed on main board of the Stock Exchange.

Mr. Pun is a member of Hong Kong Institute of Certified Public Accountants. Mr. Pun entered into a director's service contract with the Company, his current term of office is for a period of three years commenced from the date of his appointment. Mr. Pun's directorship will be subject to retirement by rotation and re-election pursuant to the amended and restated memorandum and articles of association of the Company (the ‘Articles').

Mr. Pun will hold office until the next general meeting of the Company and be subject to re-election at such meeting in accordance with the Articles. Following the retirement of Mr. Chiu King Yan, Mr. Chan Kai Wing has been appointed as independent non-executive Director with effect from 31 August 2022. Mr. Chan Kai Wing (‘Mr. Chan'), aged 61, is currently the managing director of Mandarin Capital Enterprise Limited, a company that Mr. Chan founded in 2004.

Mr. Chan has over 30 years of professional experience in auditing and accounting, corporate financial management and financial advisory services. Mr. Chan holds a Bachelor of Economics from Macquarie University in Sydney, Australia in April 1986 and is a fellow member of CPA Australia. Mr. Chan is currently an independent non-executive director of Nanfung Communication Holdings Limited.

Mr. Chan is also currently an independent non-executive director of China Conch Venture Holdings Limited. Mr. Chan had served as an independent non-executive director of China Assurance Finance Group Limited (‘China Assurance') from 1 December 2011 to 12 March 2021, the date on which it was delisted. Since then, Mr. Chan was re-designated as a director of China Assurance.

Mr. Chan was an independent non-executive director of China Carbon Neutral Development Group Limited (formerly known as Bisu Technology Group International Limited) from 20 July 2015 to 28 February 2019. Mr. Chan worked as chief financial officer of CNLink Networks Limited from 2000 to 2004. He worked as Finance Director of Shenzhen China Bicycle Company (Holdings) Limited between 1991 to 2000.

Mr. Chan worked in the audit department of Ernst & Young in Hong Kong from 1988 to 1991. Mr. Chan entered into a director's service contract with the Company, his current term of office is for a period of three years commenced from the date of his appointment. Mr. Chan's directorship will be subject to retirement by rotation and re-election pursuant to the Articles.

Mr. Chan will hold office until the next general meeting of the Company and be subject to re-election at such meeting in accordance with the Articles. Following the retirement of Mr. Leong Yeng Kit, Mr. Lee Cheong Yuen, currently the chairman of the Board and executive Director, has been appointed as a member of the Remuneration Committee with effect from 31 August 2022. Following the appointment of Mr. Chan Kai Wing as independent non-executive Director, Mr. Chan is also appointed as a member and the chairman of Audit Committee with effect from 31 August 2022.