The board of directors of Power Financial Group Limited announced that with effect from 2 January 2019, Mr. Wu William Wai Leung has resigned as an executive Director and the chief executive officer of the company for the reason that Mr. Wu intends to concentrate on his own business engagement. In connection with the above resignation, Mr. Wu has also resigned as a director of various subsidiaries of the Company with effect from 2 January 2019. The Board announced that, following the resignation of Mr. Wu as described above, Mr. Choi Chun Chung, Danny ("Mr. Choi"), a non-executive Director and the chairman of the Board, has been re-designated as an executive Director and appointed as the chief executive officer of the Company with effect from 2 January 2019.

Mr. Choi would continue to act as the chairman of the Board. In this regard, although Mr. Choi's acting as the chairman of the Board and the chief executive officer of the Company concurrently deviates from the code provision A.2.1 of the Corporate Governance Code as set out in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("Listing Rules"), the Board believes that, after evaluation of the current situation of the Company and taking into account of the experience and past performance of Mr. Choi, Mr. Choi, aged 57, joined the Company as the chairman of the Board, a non-executive Director, the chairman of the nomination committee of the Board ("Nomination Committee") and a member of the remuneration committee of the Board ("Remuneration Committee") on 3 November 2017. Mr. Choi has been re-designated as an executive Director and appointed as the chief executive officer of the Company with effect from 2 January 2019 and will continue to act as the chairman of the Board, the chairman of Nomination Committee and a member of Remuneration Committee.

Mr. Choi is currently a member of the Guangxi Zhuang Autonomous Region Committee of the Chinese People's Political Consultative Conference, the permanent chairman of the Federation of HK Guangxi Qinzhou Organizations Limited, the vice-chairman of the Federation of HK Guangxi Community Organizations and the honorary chairman of the Yuen Long Sports Association.