The board of directors of Playmates Toys Limited announced that Mr. Yang, Victor tendered his resignation as an independent non-executive director of the Company with effect from 12 August 2019, due to his new role at a professional firm may affect his independence as an INED. Mr. Yang has confirmed that he has no disagreement with the Board and that there is no other matter in relation to his resignation that needs to be brought to the attention of the shareholders of the Company. The Board further announces that Mr. Lam Wai Hon has been appointed as an INED of the Company with effect from 12 August 2019. Mr. Lam, aged 66, is a fellow member of the Institute of Chartered Accountants in England and Wales and a member of Hong Kong Institute of Certified Public Accountants. He holds a Bachelor of Arts (Honours) degree from University of Newcastle Upon Tyne in England. Mr. Lam is the chairman of Able Capital Partners Limited. Between April 2011 and October 2017, he was the Chief Executive Officer of Investec Capital Asia Limited (formerly known as Access Capital Limited prior to its acquisition by Investec Bank PLC in April 2011) and latterly the Country Head of China & Hong Kong of the Investec Group. Prior to establishing Access Capital Limited in 2000, Mr. Lam was the managing director and head of Investment Banking for Greater China of Deutsche Bank AG (Hong Kong). He was also the managing director and head of Greater China Investment Banking of the Bankers Trust Company, and the managing director of Yuanta Securities (Hong Kong) Company Limited. Mr. Lam started his investment banking career with Kleinwort Benson Group in London in 1984 before joining Standard Chartered Asia Limited in Hong Kong where he held the position of managing director in corporate finance. Mr. Lam is currently an independent non-executive director of China Agri-Industries Holdings Limited, Genting Hong Kong Limited and Pacific Online Limited, all of which are listed on the Stock Exchange.