The board of directors of Citychamp Watch & Jewellery Group Limited announced that Mr. Fung Tze Wa has resigned as an independent non-executive director of the Company (the "Independent Non-executive Director") with effect from 1 September 2020. Accordingly, Mr. Fung has also ceased to be the chairman of audit committee (the "Audit Committee") and remuneration committee (the "Remuneration Committee"), and a member of nomination committee (the "Nomination Committee") of the Company with effect from the same date. The Board further announces that Mr. Rudolf Heinrich Escher has resigned as an Independent Non-executive Director with effect from 1 September 2020. Accordingly, Mr. Escher will also cease to be a member of the Audit Committee, the Nomination Committee and Remuneration Committee with effect from the same date. Mr. Escher has not been able to travel to Hong Kong to attend board meetings and committee meetings in person since April 2019 due to the social disturbances in Hong Kong and the COVID-19 travel restrictions. As the full recovery time for the COVID-19 disease is still unknown, he anticipates that it will continue to affect his performance of duties as a director of a company based in Hong Kong. Coupled with his intention to focus on his projects in Switzerland, he has decided to tender resignation.