Power Financial : RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND NON-COMPLIANCE WITH RULES 3.10(1) AND 3.21 OF LISTING RULES

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Power Financial GroupLimited

權 威 金 融 集 團 有 限 公 司

(Incorporated in Bermuda with limited liability)

(Stock code: 397)

RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR

AND NON-COMPLIANCE WITH RULES 3.10(1) AND 3.21

OF LISTING RULES

RESIGNATION OF INDEPENDENDT NON-EXECUTIVE DIRECTOR

The board ("Board") of directors ("Directors", and each a "Director") of Power Financial Group Limited ("Company", together with its subsidiaries, the "Group") announces that with effect from 31 March 2021, Ms. Chan Kar Yin, Polly ("Ms. Chan") has resigned as an independent non-executive Director, a member of each of the audit committee ("Audit Committee") of the Board, the remuneration committee of the Board and the nomination committee of the Board as she will be staying overseas for a prolonged period of time.

Ms. Chan has confirmed that she has no disagreement with the Board and she is not aware of any matters that need to be brought to the attention of the shareholders of the Company in relation to her resignation.

The Board would like to express its sincere gratitude to Ms. Chan for her invaluable contribution to the Group during her tenure of service.

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NON-COMPLIANCE WITH RULES 3.10(1) AND 3.21 OF LISTING RULES

Pursuant to Rule 3.10(1) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("Listing Rules"), every board of directors of a listed issuer must include at least three independent non-executive directors. Upon the resignation of Ms. Chan as an independent non-executive Director, the Board comprises less than three independent non-executive Directors, which is below the minimum requirement prescribed under Rule 3.10(1) of the Listing Rules.

Pursuant to Rule 3.21 of the Listing Rules, the audit committee of a listed issuer must comprise a minimum of three members. Upon the resignation of Ms. Chan, the number of members of the Audit Committee reduces to two, which is below the minimum requirement prescribed under Rule 3.21 of the Listing Rules.

In order to comply with Rules 3.10(1) and 3.21 of the Listing Rules, the Company is endeavoring to identify a suitable candidate to fill up the abovementioned vacancies as soon as practicable and in any event within three months from 31 March 2021, and will make further announcement(s) as and when appropriate.

On behalf of the Board

Power Financial Group Limited

Choi Chun Chung, Danny

Chairman and Chief Executive Officer

Hong Kong, 31 March 2021

As at the date of this announcement, the executive Directors are Mr. Choi Chun Chung, Danny and Mr. Siu Kam Chau; and the independent non-executive Directors are Mr. Chiu Ka Wai, Ellis and Mr. Kwok Sze Kong.

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