The board of directors of Xiwang Property Holdings Company Limited announced that Mr. WANG Zhen (Mr. WANG) has resigned as an independent non-executive Director, a member of audit committee (Audit Committee) and a member of Nomination Committee (Nomination Committee) of the Company
effective from 8 May 2023 in order to devote more time to his other work arrangements. Pursuant to Rule 3.10 of the Rules Governing the Listing of Securities on The Stock Exchange (the "Listing Rules"), the Board must include at least three independent non-executive directors. Immediately following the resignation of Mr. WANG, the number of independent non-executive Director of the Company has been reduced to two only, resulting in non-compliance with the requirement prescribed under Rule 3.10 of the Listing Rules. Pursuant to Rule 3.21 of the Listing Rules, every listed issuer must establish an audit committee comprising non-executive directors only and the audit committee must comprise a minimum of three members, at least one of whom is an independent non-executive director. Immediately following the resignation of Mr. WANG, the number of members of the Audit Committee of the Company has been reduced to two only, resulting in non-compliance with the requirement prescribed under Rule 3.21 of the Listing Rules.
Pursuant to Rule 3.27A of the Listing Rules, every listed issuer must establish a nomination committee chaired by the chairman of the board or an independent non-executive director and comprising a majority of independent non-executive directors. Immediately following the resignation of Mr. WANG, the Nomination Committee does not comprise a majority of independent non-executive Directors, resulting in non-compliance with the requirement prescribed under Rule 3.27A of the Listing Rules.