Announcement • May 28
Luen Thai Holdings Limited Announces Board and Board Committees Changes, Effective 28 May 2026 Luen Thai Holdings Limited at its annual general meeting 28 May 2026, approved to elect Mr. Luo Guihua as an independent non-executive director of the Company, and his appointment took effect from the conclusion of the AGM. Mr. Luo, aged 60, obtained the doctoral degree of Philosophy from University of South Carolina in 2025, master degree in engineering from East China University of Science and Technology in 1990 and his degree in master of business administration through the Executive MBA programme of China Europe International Business School in 2008. He also holds the qualification as a senior engineer. Mr. Luo has more than 28 years of practical experience in information technology, international trade, port and shipping logistics, and port digitalization. He is well-versed in corporate strategy, product and technology innovation, and organizational capability development. He is currently chairman of Shanghai Metinform System Co. Ltd., and concurrently serves as vice president of the Science and Technology Application Branch of the China Association of Port-of-Entry, vice president of the Shanghai International Trade Society, vice president of the Shanghai Free Trade Zone Association, and vice president of the Shanghai Cross-Border E-Commerce Association. Mr. Luo has founded and operated multiple port and shipping logistics information platforms, including "Shipping Business Network", "ETC Network", "Shanghai Electronic Port", "Trade Cloud", and "Smart Trade Cloud". He has long participated in government research projects and industry consulting work, and has deep insights into the digitalization and intelligent application of international trade and port operations. Mr. Luo is currently an independent non-executive director of South Manganese Investment Limited. Mr. Luo was also served as an independent director of two companies listed on the Shenzhen Stock Exchange -- Shanghai Yanhua Smartech Group Co. Ltd. from 2012 to 2018 and Jiangsu Feiliks International Logistics Inc. from 2014 to 2015. As mentioned in the Circular, Mr. Lee Cheuk Yin, Dannis ("Mr. Lee") has decided not to offer himself for re-election as Director at the AGM as he would like to devote more time to his other endeavours. The Board announced that, immediately after the conclusion of the AGM held on 28 May 2026, Mr. Lee retired from his office as an INED. The Board further announced the following changes in the composition of the following Board Committees of the Company with effect from the conclusion of the AGM: (i) Mr. Lee ceased to be the chairman of the audit committee of the Company and a member of each of the remuneration committee and the nomination committee of the company; (ii) Mr. Luo has been appointed as a member of each of the audit committee, the remuneration committee and the nomination committee of the Company; and (iii) Ms. Shi Min has been appointed as the chairman of the audit committee of the company. New Risk • May 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Hong Kong stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risk Market cap is less than US$100m (HK$289.6m market cap, or US$37.0m). Reported Earnings • Apr 29
Full year 2025 earnings released: EPS: US$0.004 (vs US$0.033 loss in FY 2024) Full year 2025 results: EPS: US$0.004 (up from US$0.033 loss in FY 2024). Revenue: US$637.0m (down 5.5% from FY 2024). Net income: US$4.52m (up US$38.4m from FY 2024). Profit margin: 0.7% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. 
