The board of directors of Pa Shun International Holdings Limited announced that, with effect from 1 February 2021, Mr. Liu Liangzhong has resigned as an independent non-executive Director and a member of each of the audit committee, the remuneration committee, the nomination committee and the corporate governance committee of the Board due to other business commitments which require more of his dedications. Mr. Liu has confirmed that he has no disagreement with the Board and that there is no other matter that shall be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited ("Stock Exchange") in relation to his resignation. Following the resignation of Mr. Liu on 1 February 2021, the Company will have no independent non- executive Directors, no member of the Audit Committee, no member of the Nomination Committee and no member of the Remuneration Committee. This falls below the minimum number of independent non-executive directors and members of audit committee requirement under Rules 3.10(1) and 3.21 of the Listing Rules and the number of the independent non- executive Directors falls below one-third of the Board as required under Rule 3.10(A) of the Listing Rules. The Board will not have an independent non-executive Director with the appropriate professional qualifications or accounting or related financial management expertise as required under Rule 3.10(2) of the Listing Rules, or an Audit Committee member as required under Rule 3.21 of the Listing Rules who meets the same requirements under Rule 3.10(2) of the Listing Rules.