HKC : RESIGNATION AND APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND CHANGE IN COMPOSITION OF THE AUDIT COMMITTEE, THE REMUNERATION COMMITTEE AND THE NOMINATION COMMITTEE

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.

(Incorporated in Bermuda with limited liability)

(Stock code: 190)

(website: www.hkcholdings.com)

RESIGNATION AND APPOINTMENT OF

INDEPENDENT NON-EXECUTIVE DIRECTOR

AND CHANGE IN COMPOSITION OF THE AUDIT COMMITTEE,

THE REMUNERATION COMMITTEE AND THE NOMINATION COMMITTEE

Mr. CHUNG Cho Yee, Mico ("Mr. CHUNG") has resigned as an independent non-executive director of the Company ("INED") and ceased to act as a member of each of the Audit Committee, Remuneration Committee and Nomination Committee of the Company with effect from 1 February 2020.

Mr. VOON Hian-fook, David ("Mr. VOON") has been appointed as an INED and a member of each of the Audit Committee, Remuneration Committee and Nomination Committee of the Company with effect from 1 February 2020.

RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The board of directors (the "Board") of HKC (Holdings) Limited (the "Company") hereby announces that Mr. CHUNG has resigned as an INED and ceased to act as a member of each of the Audit Committee, Remuneration Committee and Nomination Committee of the Company with effect from 1 February 2020, as he would like to spend more time on his personal commitment and other business engagement.

Mr. CHUNG has confirmed that he has no disagreement with the Board and there is no other matter that needs 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 would like to express its sincere gratitude for the valuable contribution that Mr. CHUNG has made to the Company during his tenure of services. The Board wishes Mr. CHUNG every success in his future endeavours.

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APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The Board is pleased to further announce that Mr. VOON has been appointed as an INED and a member of each of the Audit Committee, Remuneration Committee and Nomination Committee of the Company with effect from 1 February 2020.

Mr. VOON, aged 53, graduated from University of California, Berkeley in the United States of America with a degree of Bachelor of Arts with a major in Economics in 1988. He obtained a Juris Doctor degree from Harvard University and was admitted as a member of the American Bar Association in 1991.

From 1993 to 2011, Mr. VOON worked at Goldman Sachs (Asia) L.L.C. ("Goldman Sachs") in Hong Kong, where he has held the position of Partner since 2004 and Managing Director since 2001. At Goldman Sachs, he was the firm's Head of Asia Private Wealth Management and served on the firm's Asia Management Committee since 2006. Mr. VOON has broad and extensive management experience in Goldman Sachs, having led businesses in the firm's Equities and Fixed Income, Currencies and Commodities divisions from 1996 to 2006, including their Equity Products Group and Derivatives Structuring business. He served in the firm's Legal Department from 1994 to 1996. Prior to joining Goldman Sachs, Mr. VOON was an associate attorney in Shearman & Sterling LLP in New York.

Since April 2013 and March 2013, he has been a vice chairman of The Manhasset Bay Group, Inc. and TransAsia Private Capital Limited respectively, and is responsible for acting as strategic advisor on business issues.

Since August 2015, he has been the chairman and a director of Oski Capital Partners Limited ("Oski Capital"), where he is the co-founder and key decision-maker of the company. Oski Capital co-invests with entrepreneurs, international family offices and Asian high net worth individuals in acquiring strategic equity positions in undervalued, mostly private, businesses that seek to capture cross-border opportunities in emerging technology and demographic trends.

Since July 2018, he has been the chief executive officer of LabyRx Immunologic Therapeutics Limited, and is responsible for managing the overall business, with focus on strategic timelines, financing, personnel and risk control issues.

Mr. VOON is currently an independent non-executive director of DLC Asia Limited, the shares of which are listed on GEM of the Stock Exchange.

There is a service contract between the Company and Mr. VOON which may be terminated by either party serving not less than 3 months' notice in writing to the other. The directorship of Mr. VOON in the Company has no fixed term and is subject to retirement and re-election at general meetings of the Company in accordance with its bye-laws. Under the bye-laws of the Company, he will only hold office until the next following general meeting of the Company and thereafter, subject to him being re-elected by the shareholders at that meeting, he will be subject to retirement by rotation at least once every three years at the annual general meetings in accordance with the bye-laws of the Company.

Mr. VOON will be entitled to a director's fee of HK$240,000 per annum under his service contract with the Company which is determined with reference to his experiences and responsibilities with the Company, the remuneration benchmarks in the industry and the prevailing market situation and is in line with the director's fee received by other INED.

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Save as disclosed above, Mr. VOON did not hold any directorship in any public companies the securities of which are listed on any securities market in Hong Kong or overseas in the last three years before the date of this announcement and he does not have any relationship with any other directors, senior management or substantial or controlling shareholders of the Company.

Mr. VOON does not have any interests in the shares of the Company which is required to be disclosed under Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Save as disclosed in this announcement, there is no other information which is required to be disclosed pursuant to any of the requirements under Rules 13.51(2)(h) to 13.51(2)(v) of the Rules Governing the Listing of Securities on the Stock Exchange relating to the appointment of Mr. VOON.

The Board would like to express its warmest welcome to Mr. VOON for joining the Board.

By order of the Board

HKC (HOLDINGS) LIMITED

OEI Kang, Eric

Chairman and Chief Executive Officer

Hong Kong, 31 January 2020

As at the date of this announcement, the Board comprises seven directors, of which Mr. OEI Kang, Eric, Mr. LEE Shiu Yee, Daniel, Mr. WONG Jake Leong, Sammy and Mr. LEUNG Wing Sum, Samuel are executive directors; and Mr. CHUNG Cho Yee, Mico, Mr. CHENG Yuk Wo and Mr. Albert Thomas DA ROSA, Junior are independent non-executive directors.

• For identification purposes only

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