PYI Corporation Limited announced that Lau Tom Ko Yuen has been redesignated from an executive director and the chairman of the Company to an Executive Director and the vice chairman, China of the Company; Mr. Kwong Kai Sing, Benny has been appointed as the non-executive chairman of the Company; Mr. Sam Nickolas David Hing Cheong has been appointed as an Executive Director and the vice chairman of the Company; Mr. Lau has resigned as a member of the remuneration committee, the nomination committee and the share repurchase committee of the Company; and Mr. Sam has been appointed as a member of the Remuneration Committee, the Nomination Committee and the Share Repurchase Committee. Mr. Kwong, who is a substantial shareholder of the Company holding approximately 15.10% of its entire issued share capital, has been appointed as the Non-executive Chairman with effect from 1 April 2021. Mr. Kwong has entered into a letter of appointment with no fixed term of service with the Company but is subject to retirement by rotation and re-election at the general meetings of the Company in accordance with the bye-laws of the Company. Mr. Kwong is entitled to a remuneration of HKD 125,000 per month which are approved by Remuneration Committee. His remuneration has been determined by the Remuneration Committee and the Board based on his qualifications, experience, level of responsibilities undertaken and the prevailing market conditions. Mr. Kwong joined the Company as a non-executive director on 9 February 2021. He holds a Bachelor's degree in Arts from Simon Fraser University in British Columbia, Canada. Mr. Kwong held senior positions with major international banks in Hong Kong in respective lending departments and China department and has served as executive director of various listed companies in Hong Kong. Mr. Kwong has extensive experience and knowledge in banking and financial services industry. The Board announced that with effect from 1 April 2021, Mr. Sam has been appointed as an Executive Director and the Vice Chairman who shall be responsible for the businesses and development of the Group as a whole. Mr. Sam is admitted as a solicitor in England and Wales, the British Virgin Islands, New Zealand, and also as an attorney in the Republic of the Marshall Islands. Mr. Sam is presently a senior registered foreign lawyer at Hauzen LLP, a specialist corporate law firm.