The board of Hephaestus Holdings Limited announced that Mr. Luk Chi Shing has resigned as an independent non-executive Director due to his other business engagement with effect from 24 February 2023. Mr. Luk also ceased to be the chairman of audit committee of the Company (the "Audit Committee") and the member of each of the nomination committee (the "Nomination Committee") and remuneration committee (the "Remuneration Committee") of the Company. Mr. Luk confirmed that he has no disagreement with the Board and there are no matters that need to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited (the "Stock Exchange") in relation to his resignation. The Board announced that with effect from 24 February 2023, Mr. Tang Chin Ting has been appointed as the independent non-executive Director, the chairman of the Audit Committee and a member of each of the Nomination Committee and the Remuneration Committee. Mr. Tang, aged 31, has over 9 years of experience in the field of auditing and has been providing
professional accounting and financial reporting services to various Hong Kong listed companies
as well as multinational and private companies. Mr. Tang has worked for various reputable
international accounting firms in Hong Kong and is currently the manager of a firm of Certified Public
Accountants in Hong Kong. Mr. Tang obtained a Science degree in Professional Accounting and
Corporate Governance from City University of Hong Kong in 2021. He was admitted as a member of
CPA Australia in November 2018. Mr. Tang was also certified as a certified public accountant by the
Hong Kong Institute of Certified Public Accountants in October 2018, and was admitted as an associate
of The Hong Kong Chartered Governance Institute in November 2021. Pursuant to the letter of appointment made between Mr. Tang and the Company, Mr. Tang has been appointed as an independent non-executive Director for a term of three years with effect from
24 February 2023, unless terminated by no less than one month notice in writing served by Mr. Tang
on the Company or at any time by service of notice in writing by the Company on Mr. Tang. Mr.
Tang will be subject to retirement by rotation and re-election and other related provisions as stipulated
in the articles of association of the Company and the Rules Governing the Listing of Securities on the
GEM of the Stock Exchange (the "GEM Listing Rules"). Pursuant to his letter of appointment, Mr.
Tang will be entitled to an annual Director's fee of HKD 100,000, which was determined with
reference to his background, experience, duties and responsibilities with the Group and the
prevailing market conditions.