Yorkshine : RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTORS

The Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

YORKSHINE HOLDINGS LIMITED

煜新控股有限公司*

(Incorporated in Singapore with limited liability)

(Company Registration No. 198902648H)

Hong Kong Stock Code: 1048

Singapore Stock Code: MR8

RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTORS

The board of directors (the "Board") of Yorkshine Holdings Limited (the "Company") announces that with effect from 16 December 2019:-

1. Mr. Foo Teck Leong ("Mr. Foo") has resigned as independent non-executive Director of the Company and ceased to be the chairman of the audit committee of the Company (the "Audit Committee"), a member of each of the remuneration committee of the Company (the "Remuneration Committee") and nominating committee of the Company (the "Nominating Committee") as there is no longer the need for Independent Non-Executive Director since the listing may be cancelled;
2. Mr. Tang Chi Loong ("Mr. Tang") has resigned as independent non-executive Director of the Company and ceased to be the chairman of the Remuneration Committee, a member of each of the Audit Committee and Nominating Committee as there is no longer the need for Independent Non-Executive Director since the listing may be cancelled;
3. Mr. William Robert Majcher ("Mr. Majcher") has resigned as independent non-executive Director of the Company and ceased to a member of each of the Audit Committee, Nominating Committee and Remuneration Committee as there is no longer the need for Independent Non-Executive Director since the listing may be cancelled.

Each of Mr. Foo, Mr. Tang and Mr. Majcher has confirmed to the Board that he has no disagreement with the Board or the Company and that there is no matter in respect of his resignation that needs to be brought to the attention of the shareholders of the Company

Immediately after the resignations of Mr. Foo, Mr. Tang and Mr. Majcher (altogether the "INEDs") and as at the date of this announcement,

1. since all INEDs have resigned, the Company is not in compliance with Rules 3.10 and 3.10A of the Listing Rules;
2. since all members of the Audit Committee have resigned, the Company is not in compliance with Rule 3.21 of the Listing Rules;
3. since the Remuneration Committee does not comprise of a majority of independent non- executive Directors and does not have a chairman, the Company is not in compliance with Rule 3.25 of the Listing Rules; and

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1. since the Nominating Committee does not comprise of a majority of independent non- executive Directors, the Company is not in compliance with code provision A.5.1 of the the Corporate Governance Code in Appendix 14 to the Listing Rules.

On behalf of the Board

YORKSHINE HOLDINGS LIMITED

Zhu Jun

Executive Chairman and Executive Director

Hong Kong, 17 December 2019

As at the date of this announcement, the Board comprises three executive Directors, being Mr. Zhu Jun (Executive Chairman), Ms. Wang Jianqiao and Mr. Lei Yonghua.

* For identification purpose only

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