The board of directors of Fairwood Holdings Limited announced that Mr. CHAN Chee Shing ("Mr Chan") has been re-designated from Executive Director to Non-executive Director of the company (the "re-designation") following his retirement in the company and appointed as a consultant of the company with effect from 1 April 2020. Prior to joining the company, Mr. Chan worked as a senior executive for a restaurant group which is listed on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). Following the Re-designation, Mr. Chan has also resigned as Chief Executive Officer of company and Mr. LO Fai Shing Francis ("Mr Francis Lo"), an Executive Director of the company, has been appointed as Chief Executive Officer of the Company (the "Appointment") with effect from 1 April 2020.

Mr. Francis Lo, aged 37, is an Executive Director of the Company. Prior to joining the Company, Mr. Francis Lo held a senior management position at an overseas restaurant and had over four years of experience in the food and beverage industry including management of operations, product development and business strategy formulation. Mr. Chan has confirmed that he has no disagreement with the Board and there is no matter in relation to his resignation as Chief Executive Officer of the Company that needs to be brought to the attention of the shareholders of the Company (the "Shareholders").