Tao Heung Holdings Limited announced appointment of Chung Chun Fung as Executive Director and Authorized Representative of the company, both with effect from November 19, 2019. Mr. CF Chung is primarily responsible for business development and overall strategic planning in marketing. Mr. CF Chung joined in January 2013 as management trainee and began his career in the joint venture business Ringer Hut then later he worked in the Chinese restaurant industry.

Prior to joining us, Mr. CF Chung had 4 years of experience in the catering industry, working in McDonald's restaurant chain as a store assistant manager. Mr. CF Chung is currently a director of one non-wholly owned subsidiary of the Group. Save as disclosed above, Mr. CF Chung did not hold any directorship in other listed public companies in Hong Kong or overseas in the three years preceding the date of this announcement.

The Board further announced that Ms. Tsang Wing Ka has been appointed as the Company Secretary with effect from November 19, 2019. He is primarily responsible for overall finance, accounting and taxation functions. Ms. Tsang joined the Group in December 2002 as finance and accounting manager.

Ms. Tsang has over 20 years of experience in financial management. Mr. WP Chung, the chairman of the Board also assumes the role of the chief executive officer of the Group with effect from November 19, 2019. This is a deviation from Code Provision A.2.1 of Appendix 14 - Code on Corporate Governance Practices of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited which provides that the roles of chairman and chief executive officer should be separate and should not be performed by the same individual.

The Board considers that, given the current corporate structure, there is no separation between the roles of Chairman and Chief Executive Officer. Although the roles and responsibilities for Chairman and Chief Executive Officer are vested in one person, all major decisions are made in consultation with the Board and appropriate Board committees. There are three independent non-executive directors in the Board with sufficient independent element.

Therefore, the Board is of the view that there is adequate impartiality and safeguards in place to provide sufficient checks to protect the interests of the Company and its shareholders.