The board (the "Board") of directors (the "Directors") of Madison Holdings Group Limited announced that, Mr. Zhu Qin, due to his other personal commitments, has tendered his resignation as an executive Director, deputy chairman and the compliance officer (the "Compliance Officer") of the Company with effect from 19 November 2019, but he will remain as a director in certain subsidiaries of the Company. Following the resignation of Mr. Zhu, with effect from 19 November 2019. Ms. Kuo Kwan ("Ms. Kuo"), an executive Director, has been appointed as the Compliance Officer for the purpose of Rule 5.19 of the Rules (the "GEM Listing Rules") Governing the Listing of Securities on GEM of the Stock Exchange.

The Board further announces that with effect from 19 November 2019, (i) Mr. Ji Zuguang ("Mr. Ji") ceases to be the chairman of the Company (the "Chairman"), but he will remain as a non-executive Director as well as the chairman of the nomination and corporate governance committee and a member of the remuneration committee of the Company; (ii) Mr. Chen Ying-chieh ("Mr. Chen") has been appointed as an executive Director, the Chairman and the chief executive officer of the Company (the "Chief Executive Officer"); and (iii) Mr. Hankoo Kim ("Mr. Kim") has been appointed as an executive Director. In January 2011, he was appointed also as the chief executive officer of Daphne Int'l. Mr. Chen was then re-designated as a chairman of Daphne Int'l from April 2016 to May 2017, after which he ceased to be the chairman and remained as a non-executive director of Daphne Int'l until September 2018. Mr. Kim was designated in various senior management roles in the group companies of CJ Entertainment during 2004 to 2014.

Mr. Kim has extensive experience in business management and strategic planning.