As disclosed in Mayer Holdings Limited (the Company's) announcement dated 19 January 2024, following the resignation of Mr. Chan as an INED with effect from 18 January 2024, the number of each of the INEDs and the members of the Audit Committee falls below the minimum number of three and the Company is not in compliance with Rules 3.10(1) and 3.21 of the Listing Rules. The Board announced that with effect from 26 January 2024, Mr. Du Ning has been appointed as an Independent Non-Executive Director. Mr. Du, aged 43, graduated from the Law School of Shanghai Jiao Tong University Law School in the People's Republic of China ("China") in 2003 with a bachelor's degree in laws.

After graduation, he worked for large law firms in Chongqing, China as a paralegal and lawyer, and accumulated more than 20 years of legal experience. Mr. Du has been qualified as a practising lawyer in China since October 2004. The Board also announced that with effect from 26 January 2024, Mr. Du, an INED, has been appointed as a member of each of the Audit Committee, the Nomination Committee, the Remuneration Committee and the II Committee.

The Company wishes to update the Shareholders and its potential investors of the II Committee that immediately following the appointment of Mr. Du as a member of the II Committee with effect from 26 January 2024, the II Committee comprises all the INEDs, namely Mr. Lu Jianping (chairman), Mr. Lau Kwok Hung and Mr. Du.