Yuzhou Group Holdings Company Limited Announces Executive Changes
Chinese People's Political Consultative Conference. Mr. Lam also serves as the president of the Hong Kong Chinese Importers' & Exporters' Association, the investment consultant of Xiamen, the visiting professor of the University of Science and Technology of China and the executive director and visiting professor of Jimei University. Mr. Lam graduated from the University of Science and Technology of China with a Master's degree in engineering in November 1996. Mr. Lam is the spouse of Ms. Kwok Ying Lan, an executive Director and a controlling shareholder of the Company, and the brother-in-law of Mr. Lin Conghui, an executive Director. The Board to announce that on 24 June 2022, following the Resignation of Mr. Lam above, Ms. Kwok Ying Lan was appointed as the Chairman, the Chief Executive Officer of the Company, the chairman of the Sustainability Committee, a member of the Remuneration Committee and a member of the Nomination Committee with immediate effect. Ms. Kwok is currently an executive Director. Following the Appointment of Ms. Kwok, Ms. Kwok will assume the dual roles of the Chairman of the board believes that having the same individual in both roles as the Chairman of the Board and the Chief Executive Officer ensures that the Group has consistent leadership and could make and implement the overall strategy of the Group more effectively. The Board believes that this structure does not compromise the balance of power and authority. The Board will regularly review the effectiveness of this structure to ensure that it is appropriate to the Group's circumstances. Kwok Ying Lan, aged 51, was appointed as an executive Director on 9 October 2009. Since joining the Group in April 1997, Ms. Kwok has held various positions including but not limited to chairman, director and general manager in most of the subsidiaries of the Group and is primarily responsible for the financial, capital and auditing work of the Company. Ms. Kwok has over 24 years of experience in property development and financial management. Ms. Kwok was an executive director of the Xiamen Association of Enterprises with Foreign Investment. Ms. Kwok also serves as a member of the Standing Committee of the Xiamen Municipal Committee of the Chinese People's Political Consultative Conference, the director of Fujian Overseas Women's Friendship Association, the deputy chairman of the Hong-Kong Xiamen Friendship Union, and the honorary advisor of the Hong Kong Chinese Importers' & Exporters' Association. She is the spouse of Mr. Lam Lung On, a non-executive Director and a controlling shareholder of the Company, and the sister-in-law of Mr. Lin Conghui, an executive Director. Before she joined the Company, Ms. Kwok worked for China Construction Bank Xiamen Branch, a state-owned bank. On the same day, the Board also received a resignation letter from Dr. Zhai Pu pursuant to which Dr. Zhai resigned as an independent non-executive Director and a member of audit committee of the Board with effect from 24 June 2022 as he would like to devote more time to his personal commitments. Dr. Zhai has confirmed that he has no disagreement with the Board and there is no matter that needs to be brought to the attention of the Shareholders of the Company regarding his resignation above.