Pine Care Group Announces Change of Directors, Chief Executive Officer And Other Officers

HONG KONG,Oct.20,2020 --A leading operator of care and attention homes for the elderly in Hong Kong,Pine Care Group Limited ("Pine Care Group" or the "Company",together with its subsidiaries,the "Group",stock code: 1989.HK),today announced the change of directors,chief executive officer and other offices of the Company.

With effect from 19 October 2020,Mr. Yim Billy Pui Kei has resigned as an executive director,the chief executive officer and other offices of the Company due to his other personal commitment,whilst Mr. Chan Yip Keung,the Company's existing executive director,chief financial officer and company secretary who has worked for the Group since 2015,has been appointed as the chief executive officer. Mr. Chan Yip Keung possesses a wealth of operational experience accumulated from years of working closely with Group's founding family. He was also instrumental in leading the Company through its listing on the Main Board of the Stock Exchange. He is well versed with the Group's operation and brings a track record of business success,strong business partner collaborations with the Group. His extensive experience in financial and capital management,mergers and acquisitions,corporate governance and the Group's business operation analysis place him extremely well to assume these roles and to take up the role of chief executive officer. The board of directors of the Company (the "Board") has every confidence that Mr. Chan Yip Keung will continue to take the Group to new heights.

On the same date,Mr. Lam Cheung Wai,Mr. Wong Kam Pui and Mr. Wong Kit Loong have been appointed as independent non-executive directors and Board committee members of the Company to fill the vacancies on the Board following the resignation of Mr. Liu Kwong Sang,Dr. Wong Ping San John and Dr. Liu Yuk Shing. In the meanwhile,Mr. Wong Kin Chun Gilbert has also resigned as a non-executive director and an Audit Committee member of the Company.

Each of the resigning directors has confirmed to the Board that he has no disagreement with the Board and that there are no matters in relation to each of their resignations that need to be brought to the attention of the Company's shareholders and the Stock Exchange.

The Board would like to extend its heartfelt gratitude to the resigning directors for their valuable contributions to the Company during their tenure of office. In particular,the Board would like to thank Mr. Billy Yim for his dedication and outstanding achievements over the past years in leading the Group. His leadership and vision have set the Group on a path of strategic diversification and growth. Mr. Yim will continue to support the Group's development as the Company's shareholder.

The biographical details of each of the newly appointed directors are as follows:

Mr. Lam Cheung Wai

He graduated from The Chinese University of Hong Kong with a bachelor's degree in Business Administration. Mr. Lam was awarded The Ten Outstanding Young Persons (十大傑出青年) in 1996. Mr. Lam has been a member of the Hong Kong Institute of Certified Public Accountants (formerly known as Hong Kong Society of Accountants) since February 1998 and a certified internal auditor of the Institute of Internal Auditors since March 2009. He had been an Accounting Officer in The Treasury of HKSAR Government. He also served as an independent non-executive director of Bamboos Health Care Holdings Limited (stock code: 2293.HK).

Mr. Lam is a co-founder of Hong Kong Rehabilitation Power,and he served as the president of its council of management. He also co-founded Empowering Life Network Limited,a charitable organisation aiming to serve deprived youths,in 2013. Mr. Lam was appointed as a member of the Rehabilitation Advisory Committee of the HKSAR Government since January 2016.

Mr. Wong Kam Pui

BBS,JP. He has extensive experience in human resources management and administration with local and international renowned organisations. He has been a council member of the Hong Kong Institute of Human Resources Management and latterly served as its president. Mr. KP Wong was awarded Bronze Bauhinia Star (BBS) and was appointed as a Justice of the Peace by the HKSAR Government. He subsequently obtained a bachelor's degree in business administration and a master's degree in business administration from The Chinese University of Hong Kong respectively. Mr. KP Wong has taken up responsibilities with governmental bodies of the HKSAR and has been serving as an adviser for various matters concerning the local community,including human resources,education,labour,welfare,commerce and economic development matters,to name a few: chairman of Cross-Industry Training Advisory Committee on Human Resource Management,member of Committee on Self-financing Post-Secondary Education,ordinary member of Travel Industry Authority,chairman of board of director of Hong Kong Education City Ltd. (an Education Bureau institution) and executive committee member of Hong Kong Housing Society.

Mr. KP Wong is the founder and director of RESOLUTIONS HR & Business Consultancy Company Limited,a private company principally engaged in the provision of business and human resources solutions as well as consultancy services. He served as a non-executive director of Bamboos Health Care Holdings Limited (stock code: 2293.HK). Mr. KP Wong has been an independent non-executive director of the MediaLink Group Limited (stock code: 2230.HK). In August 2020,he was appointed by the City University of Hong Kong as a Part-time HR Advisor for the new campus development at Dongguan.

Mr. Wong Kit Loong

A property management professional with over 30 years' experience and extensive network in the property management and housing sectors. He had served as the chief executive officer and executive director of the Hong Kong Housing Society. Mr. KL Wong obtained a bachelor's degree in General Business Management from The Chinese University of Hong Kong. He is also a graduate of the Advanced Management Program of Harvard Business School. He is a member of the Chartered Institute of Housing,Hong Kong Institute of Housing and Royal Institute of Chartered Surveyors.

Mr. KL Wong has been actively involved in various public and community services. He is currently a member of the Governing Council of Hong Kong Quality Assurance Agency,the Elderly Commission,and the Steering Committee on Qualifications Framework Fund under Education Bureau. He was also a member of Task Force on Land Supply,the chairman of the Apprenticeship Training Board of Vocational Training Council,a member of Land,Rehousing and Compensation Committee of Urban Renewal Authority,a member of the Property Management Industry Training Advisory Committee under Education Bureau,the Chairman of Chartered Institute of Housing,Asian Pacific Branch,and a member of Hong Kong Housing Manager Registration Board.

The Board wishes to express its warm welcome to Mr. Lam,Mr. KP Wong and Mr. KL Wong for joining the Board. Their extensive experience,connection and expertise from different sectors will help the Company grow to a new extent.

- END -

About Pine Care Group Limited

Pine Care Group is the leading operator of care and attention homes for the elderly in Hong Kong,providing comprehensive residential care services. The Group owns an extensive network of care and attention homes in Hong Kong under the brand name of "Pine Care Group". The Group was listed on the Main Board of The Hong Kong Stock Exchange in February 2017,with stock code 1989.

Issued by Stimulus Investor Relations.