The board of directors of Target Insurance (Holdings) Limited announced that each of Mr. Chan Yat Wai and Mr. Muk Wang Lit Jimmy has resigned as an executive Director with effect from January 9, 2022. Mr. Chan would remain as the Chief Executive Officer of the Company following his resignation. Mr. Muk would cease to be a member of the nomination committee of the Company upon his resignation.

Mr. Chan has confirmed that his resignation as executive Director was due to the needs to devote more time to fulfil his duties as the Chief Executive Officer of the Company after discussion with the management of the Company, and Mr. Muk has confirmed that his resignation as executive Director was due to his deteriorating medical condition. Each of Mr. Chan and Mr. Muk has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company.