The board of directors of AV Concept Holdings Limited has been sadly informed that Mr. Charles Edward Chapman (Mr. Chapman), an independent non-executive director of the Company, the chairman of the nomination committee and a member of the audit committee, remuneration committee and corporate governance committee of the Board, passed away on 1 November 2023. Mr. Chapman has been an independent non-executive director of the Company since year 2000. Following the passing away of Mr. Chapman, the Company has two independent non-executive directors with the number of independent non-executive directors falling below the minimum number of three and does not meet the requirements under Rules 3.10, 3.21, 3.25 and 3.27A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The Company will seek to appoint a new independent non-executive director and to fill the vacancy of the committees of the Board as soon as practicable and within three months as stipulated under Rules 3.11, 3.23 and 3.27 of the Listing Rules.