Ten Pao Group Announces Board Refresh: Two Long-Serving INEDs to Retire; PwC Veteran Cheung Chin Hoo and Legal Executive Ferheen Mahomed Nominated as Replacements

Ten Pao Group Holdings Limited has disclosed a series of board changes to be effected at the company’s Annual General Meeting (AGM) scheduled for 12 June 2026.

Key points

1. Retirements • Independent non-executive directors (INEDs) Mr. Chu Yat Pang Terry and Mr. Lee Kwan Hung Eddie, both in office since November 2015, will retire by rotation and will not seek re-election. • Mr. Chu will step down as chairman of the Audit Committee and as a member of the Remuneration and Nomination Committees. • Mr. Lee will relinquish the chairmanship of the Remuneration Committee and his seats on the Audit and Nomination Committees.

2. Proposed appointments (subject to shareholder approval) • Mr. Cheung Chin Hoo, aged 65, retired PwC partner with over 40 years’ audit and capital-markets experience, is nominated as INED. Upon approval, he will become chairman of the Audit Committee and join both the Remuneration and Nomination Committees. • Ms. Ferheen Mahomed, aged 60, CEO of consultancy C&TM Limited and former group general counsel of Hong Kong Exchanges and Clearing, is nominated as INED and will join the Remuneration and Nomination Committees. • Both candidates satisfy the independence criteria under Listing Rule 3.13 and hold no shares or relationships with substantial shareholders or management.

3. Remuneration and tenure • Each proposed INED will enter a three-year appointment commencing 12 June 2026, with annual directors’ fees of HK$0.40 million and eligibility to participate in the company’s share-option scheme. Either party may terminate the appointment with one month’s written notice.

4. Committee leadership adjustment • Dr. Lui Sun Wing, current INED, will assume the chairmanship of the Remuneration Committee following the AGM.

Board composition post-AGM (subject to approvals) • Executive Directors: Mr. Hung Kwong Yee (Chairman & CEO), Mr. Tse Chung Shing, Ms. Hung Sui Lam • INEDs: Mr. Lam Cheung Chuen, Dr. Lui Sun Wing, Mr. Cheung Chin Hoo* (Audit Committee Chair), Ms. Ferheen Mahomed* (*pending shareholder approval)

The announced changes align the board’s structure with Hong Kong listing-rule requirements on INED tenure and refresh the expertise mix across audit, remuneration and nomination oversight functions.