Cocoon Holdings Limited announced the with effect from 1 December 2022 Mr. WU Ming Gai has ceased to act as the chairman of the Board but remains as an executive Director; and Mr. Chau Wai Hing, an executive Director, has taken up the position as the Chairman. Mr. Chau, aged 56, was appointed as an executive Director on 23 April 2021, and the chairman of investment committee of the Board. Mr. Chau possesses over 30 years of experience in banking, finance and wealth management and held executive positions at several international financial institutions and listed companies.

He was graduated from City University of Hong Kong with a bachelor's degree in Quantitative Analysis for Business, Postgraduate Certificate in Professional Accounting and master's degree in finance. He also holds a master's degree in Professional Accounting from the Southern Cross University in Australia. Mr. Chau is a fellow member of the Institute of Public Accountants in Australia, a fellow member of the Institute of Financial Accountants, a chartered member of the Chartered Institute for Securities and Investment and a fellow member of the Hong Kong Securities and Investment Institute.

Mr. Chau previously joined the Company as a non-executive Director and an executive Director for the period from July 2015 to September 2015 and September 2015 to February 2019 respectively. an executive director of UBA Investment Limited since September 2021; and an independent non-executive director of Carnival Group International Holdings Limited (In Liquidation) since May 2019, a company incorporated in the Bermuda with limited liability and is principally engaged in the theme-based leisure and consumption business and was ordered to be wound up by the High Court of Hong Kong on 23 August 2022. Mr. Chau was an independent non-executive director of Vestate Group Holdings Limited from February 2017 to March 2021 and he was also an executive director of UBA Investments Limited from December 2008 to April 2015.