The board of directors of New Huo Technology Holdings Limited announced that, Mr. Ngai Matthew Cheuk Yin ("Mr. Ngai") has resigned as an independent non-executive Director of the Company with effect from 20 April 2023. Following the resignation of Mr. Ngai as an independent non-executive Director, Mr. Ngai would cease to be the chairman of the remuneration committee (the "Remuneration Committee"), a member of the audit committee (the "Audit Committee") and nomination and corporate governance committee (the "Nomination Committee") of the Company respectively with effect from 20 April 2023. Mr. Ngai's resignation is due to his desire to devote more time to the development of his personal career.

The Board also announced that Dr. LAM, Lee G., BBS, JP has been appointed as an independent non-executive Director, the chairman of the Remuneration Committee, a member of the Audit Committee and the Nomination Committee respectively with effect from 21 April 2023. Dr. LAM, Lee G., BBS, JP ("Dr. Lam"), age 63, has extensive international experience in general management, strategy consulting, corporate governance, direct investment, investment banking and asset management. Dr. Lam served as Senior Consultant of the management consultancy services department of Ernst and Whinney (now known as Ernst and Young).

He also served as General Manager of Hongkong Telecom, Vice President and Managing Partner of the Greater China Region of the international management consulting firm A.T. Kearney Inc., group operations director of New World Telephone Group, President and Chief Executive Officer of Millicom International Cellular (Asia) Pte Ltd. (formerly known as Sanbao Telecom), partner and partner-in-charge of the Global Chinese Network practice of Heidrick and Struggles, Executive Director of Singapore Technologies Telemedia Pte Ltd, the Managing Director, Global Head of Telecommunications, Media and Technology Investment Banking Group, Chief Operations Officer and Vice Chairman of the Investment Banking Division of BOC International Holdings Ltd. He served as the Executive Director and Chief Executive Officer and Vice Chairman of the board of C.P. Lotus Corporation (formerly known as Chia Tai Enterprises International Limited) of multinational conglomerate CP Group. He also held several roles in Macquarie. As of April 21, 2023, Dr. Lam is a member of the Governance Committee of the Hong Kong Growth Portfolio and the Development Bureau Common Spatial Data Advisory Committee of the Hong Kong Special Administrative Region Government ("HKSAR Government"), and Convenor of the Home Affairs Department Panel of Advisors on Building Management Disputes of the HKSAR Government.

He is also a member of the Belt and Road and Greater Bay Area Committee of the Hong Kong Trade Development Council and the Court of the City University of Hong Kong, a Hong Kong accounting advisory expert of the Ministry of Finance of the People's Republic of China, a member of the Consultative Committee on Guangdong-Hong Kong Co-operation (Guangzhou Nansha), Chairman of the United Nations Economic and Social Commission for Asia and the Pacific Sustainable Business Network, Vice Chairman of Pacific Basin Economic Council, and Chairman of the Permanent Commission on Economic and Financial Issues and a member of the board of directors of the World Union of Small and Medium Enterprises. Dr. Lam was Chairman of Hong Kong Cyberport Management Company Limited ("Cyberport"), and a member of the Committee on Innovation, Technology and Re-Industrialisation, the Sir Murray MacLehose Trust Fund Investment Advisory Committee and the Central Policy Unit of the HKSAR Government. He was a former member of the Hong Kong Bar Association, and was admitted as a Solicitor of the High Court of Hong Kong in 2014.He is also an Accredited Mediator of the Centre for Effective Dispute Resolution (CEDR), a Fellow of Certified Management Accountants (CMA) Australia, the Hong Kong Institute of Arbitrators, the Hong Kong Institute of Directors and the Institute of Corporate Directors Malaysia, an Honorary Fellow of Certified Public Accountants (CPA) Australia, the Hong Kong Institute of Facility Management and the University of Hong Kong School of Professional and Continuing Education, an International Affiliate of the Hong Kong Institute of Certified Public Accountants, and a Distinguished Fellow of the Hong Kong Innovative Technology Development Association.

Dr. Lam was appointed to be Justice of the Peace in 2022 by the HKSAR Government. Dr. Lam obtained a Bachelor of Sciences and Mathematics (BSc Hons), a Master of Systems Science and a Master of Business Administration from University of Ottawa in 1982, 1985 and 1989 respectively. He obtained a post-graduate diploma in Public Administration from Carleton University in 1988.

He obtained a Doctor of Philosophy from the University of Hong Kong in 2004. He also obtained a post-graduate diploma in English and Hong Kong Law (Common Professional Examination) and a Bachelor of Laws (LLB Hons) from the Manchester Metropolitan University in 2005 and 2006, respectively. He subsequently obtained the Postgraduate Certificate in Laws from City University of Hong Kong in 2008 and a Masters of Law (Corporate Law) from University of Wolverhampton in 2009.

He obtained the certificate in Professional Accountancy from the Chinese University of Hong Kong School of Continuing and Professional Studies in 2010. He also obtained the Master of Public Administration from University of Hong Kong in 2013. As of April 21, 2023, Dr. Lam is an executive director of Hong Kong Aerospace Technology Group Limited (formerly known as the Eternity Technology Holdings Limited, re-designated from non-executive director on 3 January 2022).

He is an independent non-executive director of each of CSI Properties Limited, Vongroup Limited, Mei Ah Entertainment Group Limited, Elife Holdings Limited, Haitong Securities Company Limited, Hang Pin Living Technology Company Limited, Kidsland International Holdings Limited, Greenland Hong Kong Holdings Limited, Huarong International Financial Holdings Limited and RENHENG Enterprise Holdings Limited; and a non-executive director of each of Sunwah Kingsway Capital Holdings Limited, China LNG Group Limited and Mingfa Group (International) Company Limited (re-designated from independent non-executive director on 23 April 2020). He is also an independent non-executive director of Asia-Pacific Strategic Investments Limited, Beverly JCG Ltd., Thomson Medical Group Limited and Alset International Limited. Dr. Lam is an independent non-executive director of AustChina Holdings Limited and a non-executive director of Jade Road Investments Limited.