The board of directors of Yunfeng Financial Group Limited announced that due to the need for work, Hai Olivia Ou has been re-designated from an executive Director of the Company to a non-executive Director of the Company, with effect from 3 August 2022. Apart from being re-designated as a non-executive director of the Company, Hai will cease to hold other positions in the Group after the Re-Designation. Hai Olivia Ou, aged 42, was appointed as a non-executive Director in November 2015 and was re-designated as an executive Director and appointed as interim chief executive officer in February 2020.

She has ceased to be the interim chief executive officer of the Company in October 2020. Hai had served as a managing director of Yunfeng Capital and specializes in investments and management related to the financial services industry, especially for investments in Internet Finance and strategic management in insurance company. Prior to joining Yunfeng Capital, Hai was an actuarial partner at Deloitte China from 2012 and was engaged in the provision of consulting services to overseas and domestic insurance companies.

Hai has also worked at HSBC Insurance (Asia) Limited in Hong Kong from 2010 to 2012 and PricewaterhouseCoopers LLP in the United Kingdom from 2002 to 2010. Hai is a qualified fellow member of the Institute and Faculty of Actuaries in the United Kingdom and a fellow member of the China Association of Actuaries. The Company has not entered into a service contract with Hai in relation to her re-designation as a non-executive Director.

In accordance with the Company's Articles of Association and the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, Hai will be subject to retirement by rotation and re-election at the annual general meeting.