The Board of Titan Invo Technology Limited announced that Mr. Tsang Ling Biu Gilbert has tendered his resignation from his position as non-executive Director with effect from 18 April 2023, Hon. Quat Elizabeth, Dr. Koong Hing Yeung Victor and Mr. Lee Kwok Tung Louis have each tendered their resignation from their positions as independent non-executive Directors, with effect from 18 April 2023, and Mr. Ma Chi Kong Karl has tendered his resignation from his position as non-executive Director and chairman of the Board with effect from 19 April 2023, all due to concerns relating to reduction of coverage in the proposed renewal of the directors and officers liability insurance policy of the Company which will come into effect on 1 May 2023. Mr. Tsang, Hon.
Quat, Dr. Koong, Mr. Lee and Mr. Ma have therefore also ceased to be members of the audit committee, the remuneration committee and nomination committee (collectively, the ? Board Committee(s)?) of the Company. Except as stated above, the Resigning Directors (except for Mr. Ma) have each confirmed that they have no disagreement with the Board, and that there are no matters regarding their resignations that need to be brought to the attention of the Shareholders or the Stock Exchange.
Mr. Ma has indicated that he has disagreements on the management style of the Company in general. The Board also announced that Mr. Chen Wenbin has been appointed as executive Director, effective 21 April 2023. Mr. Chen Wenbin, aged 51, obtained a doctorate degree in finance from Dongbei University of Finance and Economics in 2009.
Mr. Chen is currently the vice president of Tus-Holdings Co., Limited (?Tus-Holdings?), the chairman of board of TUS Technology City Group Co., Limited and the chairman of board of TUS (Beijing) Investment Management Co., Limited. Mr. Chen has extensive experience in the development and operation of major asset projects and in finance, and was involved in the development of Tus Holdings' global technology city project and its various science and technology parks around the world into an asset worth more than hundred billion dollars. Mr. Chen has gained considerable experience in the governance of listed companies.
He had served as a director of Hainan Pearl River Holdings Limited (now known as Hainan Jingliang Holdings Co., Limited, a company listed on the Shenzhen Stock Exchange from October 2008 to May 2011, and had served as Head of the Capital Operation and Investor Relations Department and led the listing of China Longyuan Power Group Corporation Limited in Hong Kong in 2009. Mr. Chen also has extensive experience in the financial, legal and auditing fields. He was, among other positions, the chief editor of the People's Rule of Law Magazine and part- time as the deputy secretary general of the China Association of Behavioral Law from May 2011 to January 2014, and a member of the 8th and 9th Beijing Youth Federation from 2003 to 2012.
Mr. Chen had served in the offices of deputy director, director, and assistant to the president of China Audit News in the National Audit Office from 2001 to 2008, and had worked as a teacher at Beijing University of Technology from 1993 to 2001.