Huabao International : Announcements and Notices - Retirement of Executiv ...

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HUABAO INTERNATIONAL HOLDINGS LIMITED

華 寶 國 際 控 股 有 限 公 司*

(Incorporated in Bermuda with limited liability)

(Stock Code: 00336)

RETIREMENT OF EXECUTIVE DIRECTOR, CHIEF FINANCIAL OFFICER

AND

APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The Board announces that:

(i)Mr. XIONG Qing will retire as an Executive Director and CFO of the Company with effect from 25 May 2019; and

(ii)Mr. Jonathan Jun YAN has been appointed as an Independent Non-Executive Director and a member of Audit Committee of the Company with effect from 17 May 2019.

The board of directors (the "Board") of Huabao International Holdings Limited (the "Company" and togother with its subsidiaries, the "Group") announces that it has received a notification from Mr. XIONG Qing ("Mr. Xiong") that due to family reason, he will retire as an executive director ("Executive Director") and the chief financial officer ("CFO") of the Company with effect from 25 May 2019.

Mr. Xiong has confirmed that he has no disagreement with the Board nor is there any other matter relating to his retirement that needs to be brought to the attention of the shareholders of the Company.

The Board would like to take this opportunity to express its sincere gratitude to Mr. Xiong for his valuable contributions to the Group during his tenure of service.

In addition, the Board also announces that Mr. Jonathan Jun YAN ("Mr. Yan") has been appointed as an Independent Non-Executive Director and a member of Audit Committee of the Company with effect from 17 May 2019.

The biographical information of Mr. Yan is as follows:

Mr. Jonathan Jun YAN, aged 56, graduated from University of Technology, Sydney with a Master of Management. Mr. Yan previously served as the Director of the MBA (Mandarin International) Education Centre of the University of Technology, Sydney from 1998 to 2000, the General Manager of Insearch Consulting (Shanghai) Ltd. from 2001 to 2005, and the General Manager of Ecole Fashion Consulting (Beijing) Ltd. from 2006 to 2013. He is the Director of Global Finance Development Education Center of PBC School of Finance, Tsinghua University since 2013. Currently, Mr. Yan is an Independent Director of Haisco Pharmaceutical Group Co. Ltd., Beijing Shuzhi Technology Co. Ltd. and Guangdong Baolihua New Energy Stock Co. Ltd. (all are listed on the Shenzhen Stock Exchange) since January 2017, September 2018 and May 2019, respectively.

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Save as disclosed, Mr. Yan confirmed that he does not held any other directorships in any other listed public companies in the last three years.

As at the date of this announcement, Mr. Yan does not have any relationship with any other director, senior management or substantial shareholder (as defined in the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules")) or controlling shareholder (as defined in the Listing Rules) of the Company. He does not have any interests in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the laws of Hong Kong) and, save as disclosed, Mr. Yan does not hold any other position with the Group.

The Company has entered into a director services contract with Mr. Yan for a term commencing from 17 May 2019. Mr. Yan will hold office until the next following general meeting of the Company and thereafter will be subject to retirement by rotation and re-election at the Company's annual general meeting in accordance with the bye-laws of the Company. Mr. Yan is entitled to a director's fee HK$240,000 per annum which was determined by the Board with reference to his duties and responsibilities with the Company, the prevailing market benchmark and performance of the Company.

To the best knowledge, information and belief of the Board, and as confirmed by Mr. Yan, save as disclosed in this announcement, there is no information required to be disclosed pursuant to the requirements of rules 13.51(2)(h) to (v) of the Listing Rules and there are no other matters that need to be brought to the attention of the shareholders of the Company in relation to the appointment of Mr. Yan as the Independent Non-Executive Director of the Company.

The Board would like to welcome Mr. Yan to the Board.

By Order of the Board

Huabao International Holdings Limited

POON Chiu Kwok

Executive Director

Hong Kong, 17 May 2019

As at the date of this announcement, the Board comprises five executive directors, namely Ms. CHU Lam Yiu (Chairlady and CEO), Messrs. XIA Liqun, POON Chiu Kwok, XIONG Qing and LAM Ka Yu and four independent non- executive directors, namely Mr. LEE Luk Shiu, Ms. MA Yunyan, Mr. WU Chi Keung and Mr. Jonathan Jun YAN.

* For identification purposes only

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