The board of directors of Target Insurance (Holdings) Limited announced that: Dr. Ng Yu has resigned as the Chairman and an executive Director of the Company with effect from 27 May 2022. Upon the resignation of Dr. Ng, he would also cease to act as an authorised representative of the Company; Mr. Lin Feng has resigned as an executive Director of the Company with effect from 27 May 2022. Upon the resignation of Mr. Lin, he would also cease to be a member of the risk committee of the Company; Mr. Dai Chengyan has resigned as an executive Director of the Company with effect from 27 May 2022; and Mr. Wang Jun Sheng has resigned as an independent non-executive Director of the Company with effect from 27 May 2022.

Upon the resignation of Dr. Wang, he would also cease to be a member of each of the audit committee, remuneration committee and nomination committee of the Company. Following the resignation of Dr. Ng, the independent non-executive Director of the Company, Mr. Yu Cho Tak, has been appointed as an Authorised Representative of the Company with effect from 27 May 2022.