Welife Technology Limited — Board/Management Information 2021

Mar 16, 2021

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited (the ‘‘Stock Exchange’’) 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.

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PALACE BANQUET HOLDINGS LIMITED 首灃控股有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 1703)

(I) RESIGNATION OF AN EXECUTIVE DIRECTOR; AND (II) RESIGNATION OF AN INDEPENDENT NON-EXECUTIVE DIRECTOR

The Board hereby announces that:

• (a) Mr. Tam Kar Wai ( 譚 家偉 先生 ) has tendered his resignation as an executive Director of the Company with effect from 16 March 2021; and

• (b) Mr. Chan Chung Yin Victor (陳仲 然先生 ) has tendered his resignation as an independent non-executive Director of the Company with effect from 16 March 2021.

RESIGNATION OF AN EXECUTIVE DIRECTOR

The board (‘‘Board’’) of directors (‘‘Directors’’) of Palace Banquet Holdings Limited (the ‘‘Company’’, together with its subsidiaries, the ‘‘Group’’) hereby announces that Mr. Tam Kar Wai ( 譚 家偉 先生 ) (‘‘Mr. Tam’’) has tendered his resignation as an executive Director of the Company with effect from 16 March 2021.

The Company is not aware of any disagreement between Mr. Tam and the Board and there are no matters which need to be brought to the attention to shareholders of the Company and the Stock Exchange in relation to his resignation.

The Board is of the view that the resignation of Mr. Tam will not have significant adverse impact on the businesses and operations of the Group. The Board would like to express its sincere gratitude to Mr. Tam for his valuable contributions to the Company during his tenure of office.

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RESIGNATION OF AN INDEPENDENT NON-EXECUTIVE DIRECTOR

The Board hereby announces that Mr. Chan Chung Yin Victor (陳仲 然先生 ) (‘‘Mr. Chan’’) has tendered his resignation as an independent non-executive Director of the Company with effect from 16 March 2021.

The Company is not aware of any disagreement between Mr. Chan and the Board and there are no matters which need to be brought to the attention to shareholders of the Company and the Stock Exchange in relation to his resignation.

The Board is of the view that the resignation of Mr. Chan will not have significant adverse impact on the businesses and operations of the Group. The Board would like to express its sincere gratitude to Mr. Chan for his valuable contributions to the Company during his tenure of office.

By order of the Board Palace Banquet Holdings Limited Chan Shou Ming Chairman

Hong Kong, 16 March 2021

As at the date of this announcement, the executive directors of the Company are Mr. Chan Shou Ming, Ms. Chen Xiao Ping and Ms. Qian Chunlin; and the independent non-executive directors of the Company are Mr. Chan Koon Yuen Windaus, Mr. Ng Kwok Tung and Mr. Yue Ming Wai Bonaventure.

The content of this announcement was approved by all the directors of the Company save and except Mr. Tam Kar Wai and Mr. Chan Chung Yin Victor. Accordingly, the meaning of the ‘‘Board’’ in this announcement shall be construed as all the Directors of the Company to the exclusion of Mr. Tam Kar Wai and Mr. Chan Chung Yin Victor.

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