【Press Release】Edvance International Announces Change of Chief Executive Officer to Cope with Business Diversification

(Hong Kong – 18 September 2020) The leading cybersecurity company in Hong Kong, Edvance International Holdings Limited (“Edvance International” or the “Company”, together with the Company’s subsidiaries, collectively the “Group”) (SEHK stock code: 01410.HK), announced that the founder of the Group, executive Director and Chairman Mr. Liu Yui Ting Raymond (“Mr. Liu”) has been appointed as the Chief Executive Officer, in order to ensure a more efficient management for the Group’s existing and new businesses, and accelerate the development progress.

With the steady development of main business, the Group is now in the process of expansion and diversification into new businesses including financial services and financial technology. The board of directors is of the view that management restructuring can lead to a more efficient business planning and decision for the Group as a whole. Given Mr. Liu has played the key leading role in the new businesses, it believes that he is best suited to take up the role of Chief Executive Officer to oversee, lead and steer the Group from a broader business perspective that covers the new businesses.

Mr. Lee Francis Sung Kei will remain as an executive Director, to concentrate on overseeing the development, strategic planning and major decision-making in respect of the Group’s principal engagement in the distribution of IT security products and the provision of IT security services.

Mr. Raymond Liu, Chairman and Group CEO of Edvance International commented, “The Group is going through an important phase of business diversification. Leveraging my experience in business management over the years, I hope it helps to seize for more promising technology projects for investment, especially in the financial technology sector which has immense room for development, eventually contribute to long-term returns and interests to shareholders. After the clear division of management position and responsibility, Mr. Francis Lee gets to concentrate on managing the growing main business, which is in line with the best benefit to the overall operation and future development of the Group.”

The Group announced the subscription agreement with Royston Financial Group in August this year, for 60% of the enlarged issued share capital at the subscription price of HK$7,200,000, to expand the Group’s business portfolio to financial services sector. In addition, the Group’s wholly owned subsidiary, Axion Global Holdings Limited (“Axion Global”), entered into a Memorandum of Understanding with a target company that wholly owns Hong Kong Digital Asset Ex Limited (“HKbitEX”), a regulated virtual asset platform, for the possible subscription of US$3 million of share capital of Series A2 Preferred Shares as the lead investor of the corresponding Series of Shares. The Group expects to capture the ample growth potential in the market through Axion Global’s investment and incubation arm.