New Risk • Feb 27
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 18% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 32% per year over the past 5 years. Minor Risk Market cap is less than US$100m (HK$111.0m market cap, or US$14.2m). Reported Earnings • Jan 02
First half 2026 earnings released: CN¥0.14 loss per share (vs CN¥0.028 loss in 1H 2025) First half 2026 results: CN¥0.14 loss per share (further deteriorated from CN¥0.028 loss in 1H 2025). Revenue: CN¥129.1m (down 30% from 1H 2025). Net loss: CN¥71.3m (loss widened 410% from 1H 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 30
First half 2026 earnings released: CN¥0.14 loss per share (vs CN¥0.028 loss in 1H 2025) First half 2026 results: CN¥0.14 loss per share (further deteriorated from CN¥0.028 loss in 1H 2025). Revenue: CN¥129.1m (down 30% from 1H 2025). Net loss: CN¥71.3m (loss widened 410% from 1H 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 114 percentage points per year, which is a significant difference in performance. New Risk • Nov 29
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 0.9% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (0.9% operating cash flow to total debt). Earnings have declined by 32% per year over the past 5 years. Market cap is less than US$10m (HK$70.8m market cap, or US$9.10m). Announcement • Nov 18
OneForce Holdings Limited to Report First Half, 2026 Results on Nov 28, 2025 OneForce Holdings Limited announced that they will report first half, 2026 results on Nov 28, 2025 New Risk • Oct 14
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: HK$76.8m (US$9.88m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Board Change • Sep 29
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Non-Executive Director Brian Ng was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Jul 29
Full year 2025 earnings released: CN¥0.076 loss per share (vs CN¥0.017 profit in FY 2024) Full year 2025 results: CN¥0.076 loss per share (down from CN¥0.017 profit in FY 2024). Revenue: CN¥377.7m (down 23% from FY 2024). Net loss: CN¥37.6m (down CN¥45.9m from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 28
Full year 2025 earnings released: CN¥0.076 loss per share (vs CN¥0.017 profit in FY 2024) Full year 2025 results: CN¥0.076 loss per share (down from CN¥0.017 profit in FY 2024). Revenue: CN¥377.7m (down 23% from FY 2024). Net loss: CN¥37.6m (down CN¥45.9m from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Announcement • Jun 27
OneForce Holdings Limited, Annual General Meeting, Sep 19, 2025 OneForce Holdings Limited, Annual General Meeting, Sep 19, 2025. Announcement • Jun 17
OneForce Holdings Limited to Report Fiscal Year 2025 Results on Jun 27, 2025 OneForce Holdings Limited announced that they will report fiscal year 2025 results on Jun 27, 2025 New Risk • Jun 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Market cap is less than US$10m (HK$77.3m market cap, or US$9.85m). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Board Change • May 06
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Non-Executive Director Brian Ng was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Feb 05
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Non-Executive Director Brian Ng was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jan 02
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Non-Executive Director Brian Ng was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Dec 13
OneForce Holdings Limited Appoints Yang Chun as Non-Executive Director The board (the "Board") of directors (the "Director(s)") of OneForce Holdings Limited announced that Ms. Yang Chun ("Ms. Yang") has been appointed as a non-executive Director with effect from 13 December 2024. Ms. Yang Chun, aged 48, has over 25 years of management experience in financial management, syndicated loans, and debt capital markets. Ms. Yang joined (Beijing Along Grid Technology Company Limited), a wholly-owned subsidiary of the Company, since 2011 and currently serves as its Financial Manager. Prior to joining the Group, Ms. Yang started her career as an assistant accountant in the software division of (Beijing Sifang Automation Co., Ltd) between April 1999 and July 2001. She was then employed by (Beijing Puhua Yalong Technology Co. Ltd.) as accountant and manager of finance department from July 2001 to July 2005 and from July 2005 to May 2011 respectively. Ms. Yang obtained a master's degree in business administration from Beijing Jiaotong University in 2015. New Risk • Dec 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: HK$74.8m (US$9.61m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Market cap is less than US$10m (HK$74.8m market cap, or US$9.61m). New Risk • Nov 28
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Market cap is less than US$100m (HK$79.3m market cap, or US$10.2m). Reported Earnings • Nov 28
First half 2025 earnings released: CN¥0.028 loss per share (vs CN¥0.006 profit in 1H 2024) First half 2025 results: CN¥0.028 loss per share (down from CN¥0.006 profit in 1H 2024). Revenue: CN¥184.6m (down 27% from 1H 2024). Net loss: CN¥14.0m (down CN¥16.8m from profit in 1H 2024). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Announcement • Nov 15
OneForce Holdings Limited to Report First Half, 2025 Results on Nov 25, 2024 OneForce Holdings Limited announced that they will report first half, 2025 results on Nov 25, 2024 Announcement • Aug 19
Oneforce Holdings Limited Announces Change of Company Secretary OneForce Holdings Limited announces that Ms. Hui Yin Shan ("Ms. Hui") has tendered her resignation as a company secretary of the Company and an authorised representative of the Company under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, with effect from August 19, 2024. Following the resignation of Ms. Hui, the Board is pleased to further announce that Ms. Lai Ho Yan ("Ms. Lai") has been appointed as the Company Secretary and the Authorised Representative with effect from August 19, 2024. Ms. Lai Ho Yan is currently a senior manager of the company secretarial services of Tricor Services Limited, a member of Vistra Group and an integrated provider offering business, corporate and investor services. Ms. Lai has over 7 years of experience in the corporate secretarial field and has been providing professional corporate services to Hong Kong listed companies as well as multinational, private and offshore companies. Ms. Lai holds a Bachelor of Business Administration in Financial Services and a Master of Corporate Governance from The Hong Kong Polytechnic University in September 2016 and September 2020, respectively. She also holds a Bachelor of Laws from Manchester Metropolitan University in July 2024. s. Lai is a Chartered Secretary, a Chartered Governance Professional and an associate of both The Hong Kong Chartered Governance Institute (HKCGI) and The Chartered Governance Institute (CGI) in the United Kingdom. New Risk • Aug 16
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: HK$74.3m (US$9.53m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (HK$74.3m market cap, or US$9.53m). Minor Risk Profit margins are more than 30% lower than last year (1.7% net profit margin). Announcement • Jun 27
OneForce Holdings Limited, Annual General Meeting, Sep 16, 2024 OneForce Holdings Limited, Annual General Meeting, Sep 16, 2024. Reported Earnings • Jun 27
Full year 2024 earnings released: EPS: CN¥0.017 (vs CN¥0.066 in FY 2023) Full year 2024 results: EPS: CN¥0.017 (down from CN¥0.066 in FY 2023). Revenue: CN¥490.6m (up 9.0% from FY 2023). Net income: CN¥8.36m (down 74% from FY 2023). Profit margin: 1.7% (down from 7.2% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Announcement • Jun 15
OneForce Holdings Limited to Report Fiscal Year 2024 Results on Jun 26, 2024 OneForce Holdings Limited announced that they will report fiscal year 2024 results on Jun 26, 2024 New Risk • Jan 15
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: HK$77.8m (US$9.95m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 30
First half 2024 earnings released: EPS: CN¥0.006 (vs CN¥0.02 in 1H 2023) First half 2024 results: EPS: CN¥0.006 (down from CN¥0.02 in 1H 2023). Revenue: CN¥253.7m (up 41% from 1H 2023). Net income: CN¥2.82m (down 71% from 1H 2023). Profit margin: 1.1% (down from 5.4% in 1H 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Nov 17
OneForce Holdings Limited to Report First Half, 2024 Results on Nov 28, 2023 OneForce Holdings Limited announced that they will report first half, 2024 results on Nov 28, 2023 Buying Opportunity • Nov 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.2%. The fair value is estimated to be HK$0.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Oct 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.3%. The fair value is estimated to be HK$0.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Jul 25
Full year 2023 earnings released: EPS: CN¥0.066 (vs CN¥0.044 in FY 2022) Full year 2023 results: EPS: CN¥0.066 (up from CN¥0.044 in FY 2022). Revenue: CN¥449.9m (up 19% from FY 2022). Net income: CN¥32.6m (up 48% from FY 2022). Profit margin: 7.2% (up from 5.8% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Jun 20
OneForce Holdings Limited, Annual General Meeting, Sep 15, 2023 OneForce Holdings Limited, Annual General Meeting, Sep 15, 2023. Reported Earnings • Jun 20
Full year 2023 earnings released: EPS: CN¥0.066 (vs CN¥0.044 in FY 2022) Full year 2023 results: EPS: CN¥0.066 (up from CN¥0.044 in FY 2022). Revenue: CN¥449.9m (up 19% from FY 2022). Net income: CN¥32.6m (up 48% from FY 2022). Profit margin: 7.2% (up from 5.8% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Jun 09
OneForce Holdings Limited to Report Fiscal Year 2023 Results on Jun 19, 2023 OneForce Holdings Limited announced that they will report fiscal year 2023 results on Jun 19, 2023 Reported Earnings • Nov 26
First half 2023 earnings released: EPS: CN¥0.02 (vs CN¥0.016 in 1H 2022) First half 2023 results: EPS: CN¥0.02 (up from CN¥0.016 in 1H 2022). Revenue: CN¥179.4m (up 9.7% from 1H 2022). Net income: CN¥9.70m (up 23% from 1H 2022). Profit margin: 5.4% (up from 4.8% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Announcement • Nov 16
OneForce Holdings Limited to Report First Half, 2023 Results on Nov 25, 2022 OneForce Holdings Limited announced that they will report first half, 2023 results on Nov 25, 2022 Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Brian Ng was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Jul 27
Full year 2022 earnings released: EPS: CN¥0.044 (vs CN¥0.042 in FY 2021) Full year 2022 results: EPS: CN¥0.044 (up from CN¥0.042 in FY 2021). Revenue: CN¥376.7m (up 28% from FY 2021). Net income: CN¥22.0m (up 5.6% from FY 2021). Profit margin: 5.8% (down from 7.1% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 26
Full year 2022 earnings released: EPS: CN¥0.044 (vs CN¥0.042 in FY 2021) Full year 2022 results: EPS: CN¥0.044 (up from CN¥0.042 in FY 2021). Revenue: CN¥376.7m (up 28% from FY 2021). Net income: CN¥22.0m (up 5.6% from FY 2021). Profit margin: 5.8% (down from 7.1% in FY 2021). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Announcement • Jun 21
OneForce Holdings Limited, Annual General Meeting, Sep 16, 2022 OneForce Holdings Limited, Annual General Meeting, Sep 16, 2022. Announcement • Jun 09
OneForce Holdings Limited to Report Fiscal Year 2022 Results on Jun 20, 2022 OneForce Holdings Limited announced that they will report fiscal year 2022 results on Jun 20, 2022 Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Brian Ng was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 28
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: CN¥0.016 (up from CN¥0.006 in 1H 2021). Revenue: CN¥163.5m (up 53% from 1H 2021). Net income: CN¥7.86m (up 151% from 1H 2021). Profit margin: 4.8% (up from 2.9% in 1H 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Reported Earnings • Jul 27
Full year 2021 earnings released: EPS CN¥0.042 (vs CN¥0.14 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: CN¥293.7m (up 80% from FY 2020). Net income: CN¥20.9m (up CN¥90.0m from FY 2020). Profit margin: 7.1% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 27
Full year 2021 earnings released: EPS CN¥0.042 (vs CN¥0.14 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: CN¥293.7m (up 80% from FY 2020). Net income: CN¥20.9m (up CN¥90.0m from FY 2020). Profit margin: 7.1% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 20
Full year 2021 earnings released: EPS CN¥0.042 (vs CN¥0.14 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: CN¥293.7m (up 80% from FY 2020). Net income: CN¥20.9m (up CN¥90.0m from FY 2020). Profit margin: 7.1% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Announcement • Jun 11
OneForce Holdings Limited Provides Unaudited Consolidated Earnings Guidance for the Year Ended March 31, 2021 OneForce Holdings Limited provided unaudited consolidated earnings guidance for the year ended March 31, 2021. For the year, the Group is anticipated that a revenue in the range of approximately RMB 285 million to RMB 295 million would be recorded as compared with a revenue of approximately RMB 163 million for the same period of 2020 representing an increase of approximately 75% to 81% and a profit for the year is in the range of approximately RMB 18.0 million to RMB 22.0 million as compared with a net loss of approximately RMB 69.17 million for the same period of 2020. Is New 90 Day High Low • Feb 02
New 90-day high: HK$0.29 The company is up 4.0% from its price of HK$0.28 on 04 November 2020. The Hong Kong market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 67% over the same period. Is New 90 Day High Low • Dec 16
New 90-day low: HK$0.27 The company is down 4.0% from its price of HK$0.28 on 17 September 2020. The Hong Kong market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 18% over the same period. Reported Earnings • Nov 28
First half 2021 earnings released: EPS CN¥0.006 The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: CN¥107.1m (up 17% from 1H 2020). Net income: CN¥3.13m (up 73% from 1H 2020). Profit margin: 2.9% (up from 2.0% in 1H 2020). The increase in margin was driven by higher revenue. Announcement • Nov 13
OneForce Holdings Limited to Report First Half, 2021 Results on Nov 25, 2020 OneForce Holdings Limited announced that they will report first half, 2021 results on Nov 25, 2020 Announcement • Nov 02
OneForce Holdings Limited Announces Change of Company Secretary and Authorised Representative The board of directors of OneForce Holdings Limited announced that Ms. Lau Jeanie has resigned as the company secretary of the Company and ceased to act as an authorised representative of the Company for the purpose of Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited both with effect from 30 October 2020. Ms. Lau has confirmed that she has no disagreement with the Board and there is no matter relating to her resignation that needs to be brought to the attention of the shareholders of the Company or the Hong Kong Stock Exchange. Following the resignation of Ms. Lau, the Board also announces the appointment of Ms. Hui
Yin Shan as the Company Secretary and the Authorised Representative for the purpose of the Listing Rules of the Company, both with effect from 30 October 2020. Ms. Hui meets the requirements under Rules 3.28 and 8.17 of the Listing Rules. 
