The board of directors of Mayer Holdings Limited announced that Mr. Lee Kwok Leung ("Mr. Lee") resigned as the chairman of the Board and retained as an executive Director due to his other business commitment, with effect from 15 January 2021. The Board further announced that with effect from 15 January 2021, Mr. Cheng Yuk Ping ("Mr. Cheng") has been appointed as the chairman of the Board and re-designated as an executive Director of the Company. There has been no change in his terms of appointment after his re-designation. Since 1985, Ping has taken up senior management positions in several trading companies and manufacturing enterprises, and has vast experience in the management of business operation. The Board announced that Dr. Li Yutong ("Dr. Li") has been appointed as an independent non-executive Director, with effect from 15 January 2021. Li Yutong is currently a member of the expert advisory group of Finet Top100HK. The Board also announces the changes in the composition of Board committees of the Company with effect from 15 January 2021 as following: Mr. Lee has been resigned as the chairman and a member of nomination committee of the Company ("Nomination Committee"); Mr. Xu Lidi, an executive Director has been appointed as a member of Nomination Committee; Mr. Cheng has been appointed as the chairman of Nomination Committee, and resigned as chairman and member of remuneration committee of the Company ("Remuneration Committee"), and resigned as member of audit committee of the Company ("Audit Committee"); and Dr. Li has been appointed as a member of each of the Audit Committee and Nomination Committee, and appointed as chairman of Remuneration Committee.