Hang Chi Holdings Limited announced the resignation of Mr. Yik Tak Chi from the chief executive officer of the company with effect from 22 January 2018. Mr. Yik will remain as the chairman of the Board, an executive Director and the chairman of the nomination committee of the company. He will concentrate on corporate governance and overall strategic planning and development of the Group. Immediately after the resignation of Mr. Yik, Mr. Lui Chi Tat has been appointed as the Chief Executive Officer with effect from 22 January 2018. Immediately following and subsequent to this change in management of the Company, the roles of the Chairman and the Chief Executive Officer are separated in accordance with code provision A.2.1 in the CG Code. Mr. Lui Chi Tat has accumulated more than 18 years of experience in the management and operation of elderly residential care homes. Mr. Lui has entered into a service contract with the Company which takes effect from 22 January 2018. Mr. Lui is not appointed for any specified length of service and the service contract provided that either party can at any time terminate the appointment by giving to the other party not less than three months' prior notice in writing. Mr. Lui is entitled to an annual remuneration of HK$696,000, which was determined by the remuneration committee of the Company in accordance with the Company's remuneration policy in consideration of his duties and responsibilities within the Group, the Group's performance and profitability and the market benchmark.