The board of directors of Sheung Moon Holdings Limited announced that with effect from 20 March 2024, (i) Mr. Lai Yung Sang ("Mr. Lai") has tendered his resignation as an executive Director and ceased to act as the chief executive officer of the Company ("CEO"); and (ii) Ms. Zhou Qian ("Ms. Zhou") has tendered her resignation as an independent non-
executive Director and ceased to act as the chairman of the remuneration committee of the Board (the "Remuneration Committee"), and a member of each of the audit committee of the Board (the "Audit Committee"), nomination committee of the Board (the "Nomination Committee") and risk management committee of the Board, each of Mr. Lai and Ms. Zhou would like to devote more time to their other work arrangement. Following the resignation of Ms. Zhou as an independent non-executive Director, the Company only has
two independent non-executive director and two members of the Audit Committee which falls below the minimum as required under Rules 5.05(1) and 5.28 of the Rules Governing the Listing of Securities on GEM of the Stock Exchange (the "GEM Listing Rules"). Furthermore, the Remuneration Committee is currently not chaired by an independent non-executive director pursuant to Rule 5.34 of the GEM Listing Rules. The Company will identify suitable candidate to fill up the vacancy within three months from the date of Ms. Zhou's resignation so as to fulfill the requirements under the GEM Listing Rules.