The Audit Committee is accountable to the Board and assists the Board in meeting its responsibilities for ensuring compliance with the financial reporting obligations and corporate governance requirements as well as reviewing the effectiveness of the Company’s system of internal control.

The Audit Committee is chaired by Dr. Li Ka-cheung, Eric, an Independent Non-Executive Director of the Company with professional accounting expertise. Other members are Mr. Ng Leung-sing, Mr. Gan Fock-kin, Eric and Mr. Peter Kung. The majority of the members of the Audit Committee are Independent Non-Executive Directors of the Company. The Committee members possess appropriate business or financial expertise and experience to provide relevant advice and recommendations to the Company.

The Audit Committee’s primary duties include ensuring the Group’s financial statements, annual and interim reports, and the auditor’s report present a true and balanced assessment of the Group’s financial position; reviewing the Group’s financial control, internal control and risk management systems; reviewing the Group’s financial and accounting policies and practices; and recommending the appointment and remuneration of external auditor. The Audit Committee is provided with sufficient resources enabling it to discharge its duties.

The written Terms of Reference which describe the authority and duties of the Audit Committee were prepared and adopted with reference to the Listing Rules.