The board of directors of Landing International Development Limited announced that on 14 November 2022, the company received a letter from the Securities and Futures Commission of Hong Kong notifying the company that the SFC has commenced legal proceedings in the Court of First Instance of the Hong Kong SAR by petition on 8 November 2022 against several respondents and Teamway International Group Holdings Limited (Teamway), in which Dr. Yang Zhihui ("Dr. Yang"), the chairman of the Board and an executive Director, has been named as one of the respondents in the Petition. The SFC alleged in the Petition that the business or affairs of Teamway have been conducted in a manner, which was unfairly prejudicial to the interests of members of Teamway under sections 214(1)(a), (b), (c) and (d) of the Securities and Futures Ordinance (the SFO) and that Dr. Yang, as a shadow director of Teamway, among other things, (i) had breached his fiduciary duties to Teamway in respect to a number of transactions and matters; (ii) failed to procure Teamway to disclose certain inside information, in breach of his disclosure duties; (iii) undertook certain conduct dishonestly for his private purpose and personal benefits and contrary to Teamway's interests and/or for improper purposes; and (iv) generally failed to act with due and reasonable care, skill and diligence by failing to properly supervise the affairs of Teamway and subsidiaries. Under the Petition, the SFC seeks an order to be made by the Court of First Instance for, among others: (1) disqualification order under section 214(2)(d) of the SFO that Dr. Yang shall not (i) be, or continue to be, a director, liquidator or receiver or manager of the property or business, of Teamway or any other corporation and; (ii) in any way directly or indirectly be concerned, or take part, in the management of Teamway or any other corporation; and (2) compensation order under section 214(2)(e) of the SFO that Dr. Yang and other respondents, on a joint and several basis, (i) pay compensation to Teamway in its own right, insofar as Teamway suffered loss and damage and (ii) pay compensation to Teamway and for Teamway to pay such compensation to the relevant subsidiary, insofar as a subsidiary suffered loss and damage in the manner set out in the Petition.

Pending the outcome of the Petition, in order to alleviate the concerns of the Shareholders and the public, the Board has resolved to suspend all administrative and executive duties and powers of Dr. Yang as Chairman and executive Director with effect from 18 November 2022 until further notice from the Board. During the Suspension, the day-to-day business operation and management of the Group are undertaken by the other four executive Directors and senior management team of the Group, as such the Board considers that the Suspension would not affect the daily operation of the Group in any material respects and the business of the Group will remain operating as usual. Following the Suspension, the Board is now taking steps to identify suitable candidates to act as chairperson of the Board and Ms. Chan Mee Sze ("Ms. Chan"), an executive Director, was resolved to act as the acting chairperson of the Board with effect from 18 November 2022 until further notice from the Board.

Ms. Chan, aged 48, has been an executive Director since 1 September 2018 and she also holds several directorships in certain subsidiaries of the Company. Ms. Chan obtained a Bachelor's degree in Laws from University of London, the United Kingdom and a Master's degree in Business Administration from University of Dundee, the United Kingdom. Ms. Chan has been admitted to practice as a solicitor in England and Wales.

She is also a chartered secretary, a chartered governance professional and a fellow member of both The Hong Kong Chartered Governance Institute and The Chartered Governance Institute in the United Kingdom. Ms. Chan has extensive experience in corporate administration and corporate finance and she has over 10 years of experience as executive director of listed companies in Hong Kong. She was an independent non-executive director of Mingyuan Medicare Development Company Limited from May 2016 to January 2020.