The Board of Silver Tide Holdings Limited announces that with effect from the close of the Offer on 20 October 2022: (1) Mr. Ip Chi Ming has resigned as the chairman of the Board and chief executive officer of the Company; and (2) Mr. Wang has been appointed as the chairman of the Board and chief executive officer of the Company. Upon the abovesaid appointment, Mr. Wang will assume the dual role as the chairman of the Board and the chief executive officer of the Company. Accordingly, notwithstanding the code provision C.2.1 of the Corporate Governance Code as set in Appendix 14 to the Listing Rules (the "CG Code") provides that the roles of chairman and chief executive officer should be separate and should not be performed by the same individual, the Board believes that with the support of the management, vesting the roles of both chairman of the Board and chief executive officer on Mr. Wang can facilitate the execution of the Group's business strategies and provide a strong and consistent leadership to improve the Company's efficiency in decision-making.

The Board considers that appointment of Mr. Wang as the chairman of the Board and the chief executive officer of the Company will not impair the balance of power as all major decisions are made in consultation with members of the Board. In addition, under the supervision by the Board which currently consists of one executive Director, three non-executive Directors and three independent non-executive Directors, the interests of the Shareholders will be adequately and fairly represented. Therefore, the Board considers the deviation from the code provision C.2.1 of the CG Code is appropriate under such circumstances.

However, the Board will periodically review the effectiveness of this arrangement and consider separating the roles of chairman of the Board and chief executive officer of the Company when it thinks appropriate.