The Board of Directors of VCREDIT Holdings Limited announced that Mr. Wu Chak Man ("Mr. Wu"), an independent non-executive director of the Company who shall retire by rotation at the annual general meeting of the Company to be held on 18 June 2021 in accordance with the articles of association of the Company, has notified the Board that he will not stand for re-election as a director at the AGM. Accordingly, Mr. Wu shall cease to be an independent non-executive director of the Company, the chairman of the audit committee and a member of the nomination committee and remuneration committee of the Company with effect from the conclusion of the AGM.