Value Convergence Holdings Limited announced that, with effect from January 20, 2021, Mr. Cheng Tak Yiu, Simon has been appointed as an executive director of the company. Mr. Cheng started his career as an auditor in an international accounting firm. Subsequently, Mr. Cheng entered into research industry and had worked in a number of international financial services companies including CLSA, Credit Suisse First Boston, BNP Paribas Peregrine, Deutsche Bank and T. Rowe Price International. Mr. Cheng is an associate member of the Hong Kong Institute of Certified Public Accountants and is admitted as a charter holder of the CFA Institute. Mr. Cheng has entered into a service agreement with the company which may be terminated by either party by written notice of not less than 1 month and subject to rotation, retirement and re-election at annual general meeting pursuant to articles of association of the company. Mr. Cheng is entitled to a director's fee of HKD 100,000 per month. The amount of emolument is determined by arm's length negotiation between the parties with reference to his duties and responsibilities with the company, the company's emolument policy and the prevailing market conditions.