The Board announced that Mr. Pius Ho, an Independent Non-executive Director, has been appointed as a member of the nomination committee of the Company and a member of the remuneration committee of the Company, with effect from 28 June 2024; Mr. Chan Chak Cheung, William will, with effect from the conclusion of the forthcoming annual general meeting of the Company currently scheduled to be held in August 2024, retire from his position as an Independent Non-executive Director and accordingly cease to act as the chairman of the Nomination Committee and a member of the Remuneration Committee, in order to devote more time to his personal matters after twenty years of service on this Board; Mr. Lee Yuen Ching, Jimmy, the Chairman of the Board, with effect from the conclusion of the 2024 AGM, will be redesignated from a member of the Nomination Committee to the Chairman of the Nomination Committee; and Mr. Lee Yuen Kui, James, with effect from the conclusion of the 2024 AGM, will be redesignated from an Executive Director to a Non-executive Director and accordingly cease to act as one of the Managing Directors of the Group. Mr. James Lee, aged 70, is currently one of the Managing Directors of the Group and an Executive Director. He joined the Group in 1976 and is currently responsible for the supervision of administration, trading of watch components and material procurement from foreign suppliers.

Mr. James Lee is brother of Mr. Edward Lee Yuen Cheor and Ms. Dorathy Lee Yuen Yu, who are Executive Director and Non-executive Director respectively. He is also cousin of Mr. Jimmy Lee, and uncle of Mr. Loewe Lee Bon Chi, an Executive Director. Mr. James Lee recently notified the Board of his intention to step down as one of the Managing Directors of the Group so that he could dedicate more time towards his personal affairs and other commitments.

Accordingly, he will cease to be one of the Managing Directors of the Group with effect from the conclusion of the 2024 AGM. Immediately after the change that took effect from 28 June 2024, the latest composition of the three Board committees is as: Executive Directors, Mr. LEE Yuen Ching, Jimmy and Mr. LEE Bon Chi, Loewe, Member of Nomination and Remuneration Committee. Independent Non-executive Directors, Mr. CHAN Chak Cheung, William, Chairman of Nomination Committee and Member of Remuneration Committee.

Mr. CHAN Kwok Wai, Chairman of Audit Committee, Member of Nomination Committee, Member Remuneration Committee, Mr. SUN Dai Wai, David, Member of Audit Nomination and Remuneration Committee. Mr. Pius HO, Member of Audit Nomination and Remuneration Committee.