The board of directors of Planetree International Development Limited announced that Mr. Xing Shaonan ("Mr. Xing") has tendered his resignation as an executive Director and the Vice Chairman of the Company with effect from 1 May 2024, due to his personal engagements. The Board to announce that Mr. Cheung Ting Kee ("Mr. Cheung"), an executive Director, has been redesignated from the Managing Director to the Vice Chairman of the Company with effect from 1 May 2024. Mr. Cheung, aged 54, has over 28 years of working experience in the securities industry including equity research, equity sales, fund management and corporate finance. He is currently the sole director and a responsible officer of Akron Corporate Finance Limited, an indirect wholly-owned subsidiary of the Company, which is a Hong Kong company licensed to carry out type 6 (advising on corporate
finance) regulated activity under the Securities and Futures Ordinance. Mr. Cheung is a holder of a Bachelor's Degree of Business Administration and a Master's Degree in Professional Accounting. He is a fellow member of the Institute of Certified Management Accountants, Australia. Mr. Cheung is an independent non-executive director of Yue Da International Holdings Limited, the shares of which are listed on the Main Board of the Stock Exchange, since July 2015. Under the letter of appointment entered into between Mr. Cheung and the Company, there is no specific length of his service of directorship and can be terminated by at least a one month's notice in writing served by either party on the other, and is subject to the retirement and re-election under the provisions of the bye-laws of the Company. Pursuant to the existing letter of appointment of Mr. Cheung as an executive director of the Company continuing to be effective other than the redesignation of job title, Mr. Cheung's monthly salary will remain the same as HKD 50,000, which is determined by the Board based on the review and recommendation from the remuneration committee of the Company with reference to
Mr. Cheung's duties and responsibilities within the Company, the Company's performance and the prevailing market situation. Mr. Cheung was the sole director of JRDA Limited, a company incorporated in the Cayman Islands. It applied for striking off from the Registrar of Companies in the
Cayman Islands and was dissolved pursuant to section 156 of the Companies Act (as revised) of the Cayman Islands on 31 March 2022. Mr. Cheung confirmed that it was solvent and inactive at the time of such striking off application. The Board to announce that Dr. Mack Andrew Kar Lung ("Dr. Mack") has been appointed as an Executive Director and the Managing Director of the Company with effect from 1 May 2024. Dr. Mack, aged 51, received his Ph.D. in Theoretical Physics from Rutgers University and a Bachelor's Degree in Physics and Mathematics with Honors and Phi
Beta Kappa distinction from Cornell University, both in the United States. Dr. Mack is a dynamic professional specializing in quantitative investment and data science. He has unique perspectives at the intersection of science, finance and data. With over 15 years of working experience in finance and banking industry, Dr. Mack excels in quantitative strategy development, mathematical modeling and portfolio management. He has not held any directorships in listed public companies in the past three years. As at the date of this announcement, Dr. Mack does not hold any other positions with the Company or other members of the Group. Throughout his entire career, he has consistently relied on data-distilled insights and interdisciplinary
knowledge to inform and drive his decision-making. Pursuant to the service agreement entered into between Dr. Mack and the Company, Dr. Mack has been appointed without a specific term from 1 May 2024, and is subject to the retirement and re-election under the provisions of the bye-laws of the
Company. He will receive remuneration of HKD 120,000 per month commencing from 1 August 2024 (as Dr. Mack has voluntarily waived his salary for the first 3 months) for his appointment and service with the Company, which is determined by the Board upon recommendation from remuneration committee of the Board with reference to his qualification, level of duties and responsibilities undertaken in the Company and the prevailing market conditions. In accordance with the bye-laws of the Company, Dr. Mack will hold office until the next following annual general meeting of the
Company and will then be eligible for re-election.