The board of Directors of Pegasus International Holdings Limited announces that Mr. Liu Chung Kang, Helios has retired as independent non-executive director of the Company with effect from the conclusion of the AGM on 30 May 2023. Following the retirement of Mr. Liu as independent non-executive director, Mr. Liu has also resigned as members of audit committee and remuneration committee of the Board and the chairman of the nomination committee of the Board. Mr. Wu Wen Yen, an independent non-executive director of the Company, has been appointed as the chairman of the nomination committee of the Board.

Mr. Wu, aged 52, holds a master of business administration from National Tsing Hua University. He has over 20 years' experience in management. Mr. Wu founded Mercury Technology Ltd. in 2001 which focused on silicone production.

He is currently the chairman of Mercury Technology Ltd, the chairman of Shenzhen Lida Innovative Technology Ltd. and general manager of Midas Tech Co. Ltd. He has also been visiting lecturer for bachelor's program in advanced materials science at Tamkang University in December 2017 and visiting lecturer for industrial design program at Shenzhen University in August 2016. He was also elected as an elite talent in Shenzhen FuTian Elite Talent Club in 2018.