The board of China e-Wallet Payment Group announced that Mr. Wang Zhongling ("Mr. Wang") has tendered his resignation as an chief executive officer of the Company, an executive Director, a member of remuneration committee of the Company and a member of nomination committee of the Company with effect from 13 November 2023 due to his other business commitments. Following the resignation of Mr. Wang, (a) the Board comprises three members, being two executive Directors and one independent non-executive Director; (b) each of the audit committee, the nomination committee and the remuneration committee comprises of one member, being an independent non-executive Director. As such, the Company does not meet (i) the minimum number of independent non-executive directors required under Rule 3.10(1) of the Listing Rules; (ii) the requirement under Rule 3.10A of the Listing Rules which stipulates that independent non-executive directors must represent at least one-third of the board; (iii) the minimum number of members of the audit committee required under Rule 3.21 of the Listing Rules; (iv) the requirement under Rule 3.25 of the Listing Rules which stipulates that the remuneration committee must comprise a majority of independent non-executive directors; and (v) the requirement under
Rule 3.27A of the Listing Rules which stipulates that the nomination committee must comprise a majority of independent non-executive directors.