The board of directors of PF Group Holdings Limited announced that Mr. Fok Yuk Tong has tendered his resignation as the compliance officer (the "Compliance Officer") of the Company under Rule 5.19 of the Rules Governing the Listing of Securities on GEM of The Stock Exchange of Hong Kong Limited ("GEM Listing Rules") with effect from 31 May 2023, due to work reallocation among the Directors. Save as disclosed above, Mr. Fok's other positions in the Group shall remain unchanged. Mr. Lee Ho Leung William ("Mr. Lee"), an executive Director has been appointed as the Compliance Officer to replace Mr. Fok with effect from 31 May 2023.

The Board is of the view that after the change of the Compliance Officer, Mr. Fok should be able to devote more time over business development of the Group. And Mr. Lee, being the newly appointed executive Director, has over 20 years experiences in private equity, venture capital, structured finance investment and corporate finance, and he is also one of the Responsible Officers for the Group's Type 1 and Type 9 regulated activities under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and the Manager-in-Charge ("MIC") of Pacific Foundation Securities Limited, one of the operating subsidiaries of the Company, of the following Core Functions as defined under the Hong Kong Securities and Futures Commission's MIC Regime: Overall Management Oversight, Key Business Line (Asset management), Operational Control and Review, Risk Management, Compliance and Information Technology. The Board believe that such arrangements are in the best interest of the Company and its shareholders.