Daido Group Limited at its AGM held on May 25, 2023 announced that Mr. Fung Siu Kit, Ronny ("Mr. Fung") has served the Board for over 13 years and being eligible, did not offer himself for re-election and retired by rotation as an independent non-executive Director of the Company upon conclusion of the AGM. Following his retirement, Mr. Fung ceased to act as the chairman of the remuneration committee of the Company (the "Remuneration Committee"); and member of the audit committee (the "Audit Committee") and the nomination committee (the "Nomination Committee") of the Company. Mr. Fung did not hold other position with the Company and other members of the Group.

The Board also announced that Mr. Lo Chi Wang ("Mr. Lo") has been appointed as an independent non-executive Director of the Company with effect from the conclusion of the AGM. Following his appointment, Mr. Lo has also been appointed as the chairman of the Remuneration Committee; and member of the Audit Committee and the Nomination Committee. Mr. Lo, aged 45, has over 19 years of experience in financial services sector.

Mr. Lo's experience in auditing and tax advisory services was gained from his various positions in Deloitte Touche Tohmatsu. Mr. Lo was the financial controller of Sino Grandness Food Industry Group Limited (stock code: T4B, a company listed on the Singapore Stock Exchange) and has participated in the preparation of initial public offering project in the private sector. Mr. Lo received a degree of Bachelor of Arts (Honour) in Accounting from Manchester Metropolitan University in Manchester, United Kingdom.

He is a fellow member of the Association of Chartered Certified Accountants ("ACCA"), the Hong Kong Institute of Certified Public Accountants ("HKICPA"), and CPA Australia. He was a committee member of Qualification and Examinations Board ("QEB") of HKICPA and a co-opted member of Moderation Sub-groups under QEB. Mr. Lo has been the group financial controller and assistant general manager of financial service division and Hong Kong factory of Hung Fook Tong Group Holdings Limited.

Mr. Lo is currently an independent non-executive director of Novacon Technology Group Limited, an independent non-executive director of Easy Smart Group Holdings Limited and was an independent non-executive director of Dragon Rise Group Holdings Limited. Save as disclosed above, Mr. Lo did not hold any positions with the Company and other members of the Group and has not held directorship in any listed company in Hong Kong or overseas in the last three years.