Pinestone Capital Limited announced that with effect from 14 November 2022 Mr. Yeung King Wah ("Mr. Yeung") has tendered his resignation as an independent non-executive Director, the chairman of the audit committee of the Board (the "Audit Committee"), the chairman of the remuneration committee of the Board (the "Remuneration Committee"), and a member of the nomination committee of the Board (the "Nomination Committee") to concentrate on his other business commitments; and Mr. So Stephen Hon Cheung ("Mr. So") has tendered his resignation as an independent non-executive Director, and a member of the Audit Committee, the Remuneration Committee and the Nomination Committee to concentrate on his other business commitments. The Board announce that with effect from 14 November 2022, Mr. Cheng Man Pan ("Mr. Cheng") has been appointed as the independent non-executive Director, the chairman of the Audit Committee, the chairman of the Remuneration Committee and a member of the Nomination Committee. Mr. Cheng, aged 53, was appointed as an independent non-executive Director, on 14 November 2022.

Mr. Cheng worked at KPMG Peat Marwick as audit supervisor from September 1992 to June 1996. He has worked at CCT Telecom as a senior project manager from December 1997 to March 1998. Mr. Cheng has worked as a chief financial controller in Celestial Asia Securities Holdings Limited (whose shares are listed on mainboard of the Stock Exchange (Stock Code: 1049)) from March 1998 to June 2004.

He has worked as a chief operating officer and a executive director for CASH Financial Services Group Limited (whose shares are listed on mainboard of the Stock Exchange (Stock Code: 510)) from June 2004 to April 2008, then he was served under CASH Financial Services Group Limited as a managing director of retail business group and executive director for CASH Financial Services Group Limited from May 2008 to June 2011. He also worked as a managing director of China business development and executive director from July 2011 to September 2012 and practiced as a managing director of investment services and executive director from October 2012 to December 2013 for CASH Financial Services Group Limited. Mr. Cheng was a director of Maroubra Assets Limited from December 2014 to June 2021.

He becomes a founder and managing director of Macqueen Asset Management Limited, a licensed corporation registered under SFO to carry out Type 4 (advising on securities) and Type 9 (asset management) regulated activities, starting from June 2021 to now. Mr. Cheng obtained his bachelor's degree in Accounting in 1992 from City University of Hong Kong and his executive master's degree of Business Administration in 2013 from the Chinese University of Hong Kong. Following the changes of Directors as mentioned above, the Board also announces that with effect from 14 November 2022: Mr. Wong Chun Peng Stewart, being an independent non-executive Director, has been appointed as a member of the Remuneration Committee and a member of the Nomination Committee.

Ms. Fu Yiman, being an independent non-executive Director, has been appointed as a member of the Remuneration Committee, a member of the Audit Committee and a member of the Nomination Committee.