The board of directors of SITC International Holdings Company Limited announced that with effect from 27 October 2020, each of Dr. Lo Wing Yan, William and Dr. Ngai Wai Fung has resigned as an independent non-executive Director The reason for the resignations of Dr. Lo Wing Yan, William and Dr. Ngai Wai Fung is that each of Dr. Lo Wing Yan, William and Dr. Ngai Wai Fung has been serving as an independent non-executive director of the company for almost 10 years, and the company considers that it is appropriate for them, as well for better corporate governance of the company, for Dr. Lo Wing Yan, William and Dr. Ngai Wai Fung to resign their respective independent directorship to pursue their other personal committements. Further, the resignations of Dr. Lo Wing Yan, William and Dr. Ngai Wai Fung is also in line with the company's board diversity policy. The board announced that, following the resignations of Dr. Lo Wing Yan, William and Dr. Ngai Wai Fung, each of Mr. Tse Siu Ngan and Dr. Hu Mantian has been appointed as an independent non-executive Director with effect from 27 October 2020. Mr. Tse has extensive experience working at Fortune 500 companies, with 15 years of experience in senior management positions. From April 2001 to April 2004, Mr. Tse served as the managing director of Triaton China, Ltd, responsible for the overall operations and business development of the company. During the period from April 2004 to April 2017, Mr. Tse served various management positions at Hewlett-Packard with his last position as the vice president and general manager in the HP enterprise services Greater China department, responsible for the overall management of the group's enterprise services in Greater China. From April 2017 to April 2018, Mr. Tse served as the senior vice president and general manager in the digital business services department of SAP SE (Greater China region). From April 2018 to February 2020, Mr. Tse served as the general manager in the global technology services department of IBM (Greater China region). Mr. Tse is currently the Greater China general manager of Zebra Technologies. Dr. Hu is Associate Professor in the Department of Marketing at the Chinese University of Hong Kong. She is also the director of the Center for Consumer Insights. She serves as Honorary Advisor of Hong Kong Digital Analytics Association and provides consulting services to marketing research firms, telecom companies and handset manufacturers. Her research focuses on using quantitative models to study and explain consumer behaviors using big data in industries such as telecommunication, automobile, e-commerce and FinTech. The Board further announced that with effect from 27 October 2020: Dr. Lo Wing Yan, William has resigned as member of each of the audit committee, nomination committee and risk management committee (the "Risk Management Committee") of the Company; Dr. Ngai Wai Fung has resigned as chairman of the Risk Management Committee and member of each of the Audit Committee, Nomination Committee and Remuneration Committee; Ms. Tse has been appointed as chairman of the Risk Management Committee and member of each of the Audit Committee, Nomination Committee and Remuneration Committee; and Dr. Hu has been appointed as member of each of the Audit Committee, Nomination Committee and Risk Management Committee.