On October 1, 2023, Mr. Chi-yang Chen resigned as an independent director (Class II) of the board of Lion Group Holding Ltd. Mr. Chen's resignation was effective immediately. Mr. Chen's resignation was not a result of any disagreement with the Board or the Company. On the same date, the Board appointed Mr. Tak Wing Lo as an independent director (Class II), effective immediately.

Tak Wing Lo has been independent director since October 2023. Since December 2022, Mr. Lo has been serving as the responsible officer of Tianda Financial Limited, a company principally engaged in the provision of financial services. From February 2018 to January 2023, Mr. Lo served as the head of corporate finance of Zhenro Properties Group Limited.

Mr. Lo obtained a Master of Science degree in Finance (Investment Management) from the Hong Kong University of Science and Technology and a Bachelor of Arts degree in Accountancy from the Hong Kong Polytechnic University, in 2012 and 2007, respectively.