Excalibur Global Financial Holdings Limited announced that With effect from 16 November 2023, Mr. Lam Ka Tai ("Mr. Lam"), who is currently a member of each of the audit committee and nomination committee of the Company and was an independent non-executive Director and the chairman of the remuneration committee of the Company (the "Remuneration Committee"), has been re-designated as a non-executive Director (the "Re-designation"), as he ceased to be independent of the Company and its connected person upon Completion due to his engagement as a director of Well Link Financial Holdings Europe Limited, a company controlled by Mr. Xu Chujia, who beneficially owns 97% of the Offeror and indirectly interested in 559,504,000 Shares after the Completion, representing approximately 69.94% of the total issued share capital of the Company. With effect from 16 November 2023 and following the Re-designation, Mr. Lam also ceased to be the chairman of the Remuneration Committee and be re-designated as a member of the Remuneration Committee. In replacement of Mr. Lam and in compliance with Rule 5.34 of the Rules Governing the Listing of Securities on GEM of The Stock Exchange of Hong Kong Limited, Mr. Chin Kam Cheung has been re-designated as the chairman of the Remuneration Committee.

Mr. Lam Ka Tai, aged 67, was appointed as independent non-executive Director in June 2021 and was the Chief Strategy Officer of AMTD Group from October 2017 to December 2019. Prior to joining AMTD Group, he worked in the Government of the HKSAR for the period from May 1987 to November 2017 with the last position as an Assistant Commissioner of Insurance (General Business), and Ernst and Young for the period from July 1980 to May 1987 with the last position as an Assistant Manager. Mr. Lam has extensive experience in financial services.

Mr. Lam is a Fellow of the Hong Kong Institute of Certified Public Accountants, Fellow of the Association of Chartered Certified Accountants (UK) and Fellow of the Chartered Insurance Institute (UK). He also obtained an Executive Master of Business Administration from the Chinese University of Hong Kong in 2000. Following the Re-designation, Mr. Lam is still entitled to receive a remuneration of HK$120,000 per year as previously determined by the Board with recommendation of the Remuneration Committee after considering a range of factors including his experience and qualifications and will be subject to annual review at a rate to be determined by the Remuneration Committee.

Following the Re-designation of Mr. Lam, the Board comprises three executive Directors, one non-executive Director and two independent non-executive Directors. As a result, (i) the number of independent non-executive Directors of the Board fell below the minimum of three independent non-executive Directors required under Rule 5.05(1) of the GEM Listing Rules; and (ii) the nomination committee of the Company (the "Nomination Committee") will not comprise a majority of independent non-executive Directors as required under Rule 5.36A of the GEM Listing Rules.