HONG KONG, March 11, 2025 — Santech Holdings Limited (NASDAQ: STEC) (“the Company”) has announced changes to its Board of Directors and senior management, alongside enhancements to corporate governance and the addition of expertise to the Board.
Han Hongwei and Wang Dian have been removed from their positions on the Board due to their inability to fulfill their duties as directors for an extended period.
Lawrence Wai Lok has been appointed Chairman of the Board, effective immediately. He will also take on the role of Chief Executive Officer and will continue to lead the Company’s restructuring and strategic transformation efforts.
To strengthen corporate governance and add legal, financial, and accounting expertise to the Board, Howard Chan and Geoffrey Kam have been appointed as new Independent Directors, effective immediately.
Howard Chan, 39, is a Certified Public Accountant in the United States with extensive experience in corporate finance and transaction advisory in mainland China and Hong Kong. From 2022 to 2025, he was a Director at Jones Lang LaSalle in Shanghai, focusing on real estate equity and debt advisory and investment sales for institutional clients in mainland China. Previously, he held corporate finance, capital markets, and transaction advisory roles at Ernst and Young, Manulife, Cushman & Wakefield, and Briscoe Wong Ferrier in Hong Kong and mainland China. He holds a Master of Finance from Tsinghua University (2013) and a bachelor’s degree in Business Administration from Albertson College of Idaho (2006).
Chan will also join the Audit Committee of the Board, which now consists entirely of three independent directors: Janet Chen, Joel Gallo, and Howard Chan.
Geoffrey Kam, 42, is a solicitor practicing in Hong Kong with broad litigation experience, including commercial litigation, contract disputes, criminal litigation, family laws, and wills and probate matters. He is currently a Consultant at Messrs. Boase Cohen & Collins and was previously a Partner at a law firm in Hong Kong. Kam holds dual degrees in law and commerce from Monash University in Melbourne and a Postgraduate Certificate in Laws from City University of Hong Kong. He is also active in the Hong Kong community, serving as a member of the Hong Kong SAR government’s Panel of Film Censorship Advisers and the Law Society of Hong Kong’s Members Benefit Committee.
Lawrence Wai Lok, Chairman and CEO, stated, “We are making changes and rebuilding our businesses step by step, while seeking new growth opportunities. I thank our past and present Board members for their contributions.”
About Santech Holdings Limited
Santech Holdings Limited (NASDAQ: STEC) is a consumer-focused technology company. The Company historically served high-net-worth clients in China in financial services and health management and accumulated a large customer base. Having exited or disposed of its historical businesses in financial services, the Company is actively exploring innovative new opportunities in technology, including new retail, social e-commerce, and the metaverse. For more information, please visit https://ir.santechholdings.com.
Safe Harbor Statement
This press release contains forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements are identifiable by terms such as “anticipate,” “estimate,” “forecast,” “plan,” “project,” “potential,” “continue,” “ongoing,” “expect,” “aim,” “believe,” “intend,” “may,” “should,” “will,” “is/are likely to,” “could,” and similar expressions. Statements that are not historical facts, including those about the Company’s beliefs, plans, and expectations, are forward-looking statements involving inherent risks and uncertainties. Further information regarding these risks is included in the Company’s filings with the SEC. All information is current as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required by law.
Investor Contact:
Santech Holdings Limited
Email: ir@santechholdings.com
“`
