The board (the "Board") of directors (the "Director(s)") of Simplicity Holding Limited (the "Company") announced that Mr. Wong Hoyen Pegasus ("Mr. Wong") has resigned as an independent non-executive Director and member of each of audit committee, remuneration committee and nomination committee of the Company with effect from 31 March 2023. The resignation of Mr. Wong was because he would like to spend more time to pursue his own business. In accordance with Rule 17.50(2) of the Rules Governing the Listing of Securities on GEM of The Stock Exchange of Hong Kong Limited (the "GEM Listing Rules"), Mr. Wong confirmed that he has no disagreement with the Board and there is nothing relating to his resignation that needs to be brought to the attention to the shareholders of the Company.

The Board would like to express its sincere gratitude to Mr. Wong for his valuable contribution to the Company during his tenure of services. The Board announced the appointment of Mr. Cheung Hiu Fung ("Mr. Cheung") as an independent non-executive Director of the Company with effect from 31 March 2023. Mr. Cheung, aged 29, obtains his Master of Business Administration Degree from The University of Chichester, United Kingdom.

Mr. Cheung started his career in writing financial analysis and holding financial seminar as a finance columnist on various social media and newspaper in Hong Kong since January 2015, and founded Bofung Company Limited in July 2017. His financial investment course had over thousand of students. He is also a writer and published his own financial analysis book "x" in Hong Kong and Taiwan, with more than 2,000 copies sold.

Mr. Cheung currently is an independent non-executive director of Hao Bai International (Cayman) Limited (Stock Code: 8431), a company listed on the GEM of the Stock Exchange. He was an executive director of Goldway Education Group Limited (Stock Code: 8160), a company listed on the GEM of the Stock Exchange, between April 2021 and September 2022 while he was also its chairman of the Board between January 2022 and September 2022. A letter of appointment has been entered into between Mr. Cheung and the Company for a term of service for one year commencing from 31 March 2023.

Pursuant to the articles of association of the Company, Mr. Cheung will hold office only until the next general meeting of the Company and shall then be eligible for re-election. Thereafter, he will be subject to retirement by rotation and re-election at the general meetings of the Company according to the articles of association of the Company. The Board further announces that Mr. Cheung will be appointed as a member of each of Audit Committee, Remuneration Committee and Nomination Committee with effect from 31 March 2023.