Maxnerva Technology Services : (1) CHANGE OF DIRECTORS AND CHIEF EXECUTIVE OFFICER; AND (2) CHANGE OF COMPOSITION OF REMUNERATION COMMITTEE

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MAXNERVA TECHNOLOGY SERVICES LIMITED

雲智匯科技服務有限公司

(Incorporated in Bermuda with limited liability)

(Stock code: 1037)

1. CHANGE OF DIRECTORS AND CHIEF EXECUTIVE OFFICER;
2. 1. 
      AND
   2. CHANGE OF COMPOSITION OF REMUNERATION COMMITTEE

The Board announces that with effect from 19 December 2019:

CHANGE OF DIRECTORS AND CHIEF EXECUTIVE OFFICER

1. Mr. Kao Shih-Chung has stepped down from his positions as an executive director and Chief Executive Officer of the Company.
2. Mr. Cai Liting has been appointed as an executive director and Chief Executive Officer of the Company in place of Mr. Kao Shih-Chung.

CHANGE OF COMPOSITION OF REMUNERATION COMMITTEE

1. Mr. Cai Liting has been appointed as the member of the Remuneration Committee in place of Mr. Kao Shih-Chung.

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CHANGE OF DIRECTORS AND CHIEF EXECUTIVE OFFICER

The board of directors (the "Board") of Maxnerva Technology Services Limited (the "Company", together with its subsidiaries, the "Group") announces that with effect from 19 December 2019, Mr. Kao Shih-Chung has stepped down from his positions as an executive director and Chief Executive Officer of the Company pursuant to other business commitments in Hon Hai Precision Industry Company Limited and its subsidiary ("Hon Hai Group") and appointed to be an advisor of the Company.

Mr. Kao Shih-Chung has confirmed that he has no disagreement with the Board and the Board is not aware of any disagreement with Mr. Kao Shih-Chung. Mr. Kao Shih-Chung has also confirmed that no matter is needed to be brought to the attention of the shareholders of the Company and the Stock Exchange in relation to his stepping down.

Mr. Kao Shih-Chung has further confirmed that he has no claim against the Company in respect of fees or compensation for his loss of office as director.

The Board would like to take this opportunity to express its appreciation to Mr. Kao Shih- Chung for his valuable contribution towards the Company during his tenure of office.

The Board is also pleased to announce that with effect from 19 December 2019, Mr. Cai Liting has been appointed as an executive director and Chief Executive Officer of the Company in place of Mr. Kao Shih-Chung.

The biographical details of Mr. Cai Liting is set out as follows:

Mr. Cai Liting

Mr. Cai, aged 45, has over 21 years of experience in the electronic, manufacturing and information technology industry. Since 2003, Mr. Cai has been employed by Hon Hai Group as the vice president of product engineering & quality and later as the head of the innovative product business division. Before joining Hon Hai Group, he had been with Schlumberger Limited from 1997 to 2001. Mr. Cai obtained a Master of Science in Computer Service from the George Mason University in the United States of America and a Bachelor of Science in Electronic Engineering from Tsinghua University in the People's Republic of China.

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As at the date of this announcement, there is no service agreement between the Company and Mr. Cai Liting in respect of his appointment as executive director. Mr. Cai Liting will have no fixed term of appointment with the Company for being an executive director but will be subject to retirement and re-election at the forthcoming annual general meeting of the Company after his appointment and also be subject to the retirement by rotation and reelection in accordance with the Company's Bye-Laws.

Mr. Cai Liting will not receive remuneration from the Company for his directorship in the Company before any service agreement is entered into between the Company and him, but the expenses incurred in connection with his discharge of duties as executive director will be borne by the Company. Mr. Cai Liting will be entitled to receive discretionary bonus and share option based on his respective performances. As at the date of this announcement, Mr. Cai Liting does not hold any shares of the Company.

Save as disclosed above, as at the date of this announcement, Mr. Cai Liting: (i) does not hold any other position in the Company or its subsidiaries; (ii) does not hold any other directorships in any other public companies the securities of which are listed on any securities market in Hong Kong or overseas in the last three years; (iii) does not, and is not deemed to have any interests or short positions in any shares, underlying shares or debentures of the Company or any of its associated corporations within the meaning of Part XV of the SFO; and (iv) does not have any relationship with any directors, senior management, substantial shareholders (as defined in the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules")) or controlling shareholders (as defined in the Listing Rules) of the Company.

Save for the information set out above, no matter is required to be disclosed in accordance with Rule 13.51(2) of the Listing Rules and there is no other matter needed to be brought to the attention of the shareholders of the Company in connection with the appointment of Mr. Cai Liting as executive director.

The Board would like to take this opportunity to welcome Mr. Cai Liting in joining the Board.

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CHANGE OF COMPOSITION OF REMUNERATION COMMITTEE

The Board further announces that Mr. Cai Liting has been appointed as a member of the remuneration committee of the Board in place of Mr. Kao Shih-Chung.

Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.

By order of the Board

Maxnerva Technology Services Limited

Chien Yi-Pin Mark

Chairman

Hong Kong, 19 December 2019

As at the date of this announcement, the Board comprises four executive directors, namely, Mr. Chien Yi-Pin Mark, Mr. Cai Liting, Mr. Kao Chao Yang and Mr. Cheng Yee Pun, two non-executive directors, namely, Mr. Jeon Eui Jong and Mr. Tse Tik Yang Denis, and three independent non-executive directors, namely, Mr. Tang Tin Lok Stephen, Mr. Kan Ji Ran Laurie and Mr. Chen Timothy.

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