The board of directors of LVGEM (China) Real Estate Investment Company Limited announced that Mr. WANG Jing, who has retired by rotation at the 2024 annual general meeting of the Company held on 31 May 2024 and has not offer himself for re-election at the 2024 AGM, has ceased to be an independent non-executive Director of the Company with effect from the conclusion of the 2024 AGM in order to focus on his other business commitments. Following his retirement, Mr. Wang also ceased to be member of each of the audit committee and the nomination committee of the Company with effect from the conclusion of the 2024 AGM. Following the retirement of Mr. Wang and the change of composition of the Board committees with effect from the conclusion of the 2024 AGM, the Board comprises six members with only two independent non-executive Directors and the audit committee of the Company comprises only two members.

As a result, the Company fails to meet: (1) the requirement under Rule 3.10(1) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") which stipulates that every board of directors of a listed issuer must include at least three independent non-executive directors; and (2) the requirement under Rule 3.21 of the Listing Rules, which stipulates that the audit committee must comprise a minimum of three members.