The board of directors of Shimao Group Holdings Limited announced the following changes to the Board: Ms. Kan Lai Kuen, Alice ("Ms. Kan") has resigned as an Independent Non-executive Director of the Company and ceased to be the chairman of the Audit Committee, a member of the Remuneration Committee and the Nomination Committee of the Company with effect from 24 August 2022 due to her other business commitments. Mr. Fung Tze Wa ("Mr. Fung") has been appointed as an Independent Non-executive Director of the Company, the chairman of the Audit Committee, a member of the Remuneration Committee and the Nomination Committee of the Company with effect from 24 August 2022. Mr. Fung Tze Wa, aged 65, is a certified public accountant and a director of an accounting firm in Hong Kong.

Mr. Fung has many years of experience in auditing, taxation and company secretarial practice in Hong Kong. He obtained a master degree in professional accounting from the Hong Kong Polytechnic University in 2000. He is a member of the HKICPA, the Chartered Association of Certified Accountants, the Taxation Institute of Hong Kong and the Society of Chinese Accountants and Auditors.

Mr. Fung was an independent non-executive director of China Wood International Holding Co., Limited from May 2020 to December 2020, an independent non-executive director of Citychamp Watch & Jewellery Group Limited from April 2004 to September 2020, an independent non-executive director of Freeman FinTech Corporation Limited from January 2017 to September 2021 and an independent non-executive director of Sheng Yuan Holdings Limited from May 2018 to June 2020. He is currently an independent non-executive director of Imperium Technology Group Limited since October 2012.