The board of directors of Yue Yuen Industrial (Holdings) Limited announced that Mr. Chen Chia-Shen will retire as an independent non-executive director of the Company and will not offer himself for re-election at the forthcoming annual general meeting which is expected to be held on May 25, 2023 due to his other commitments; and he will cease to be the member of the audit committee and the remuneration committee of the Company with effect from the conclusion of the AGM. Mr. Chen confirmed that he has no disagreement with the Board and that there is no other matter that needs to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited in relation to his retirement.