[Peninsula Hotels Parent Company] East Asia's Lee Guobao ends 38-year tenure as independent director of Grand Hotel, hands over to Lee Minqiao to serve as Chairman and Senior Advisor

Peninsula Hotels Parent Company Grand Hotel (00045) Announces, Bank of East Asia (00023) Executive Chairman Li Guobao has decided to resign as an independent non-executive director of the Grand Hotel and will serve as a senior advisor to the chairman after retirement. The co-CEO of Bank of East Asia, Li Minqiao, will be appointed as an independent non-executive director of the Grand Hotel. The above changes will take effect after the annual general meeting of shareholders held on May 13, 2026.

The 87-year-old Li Guobao was appointed to the board of directors of the Grand Hotel in October 1987. The announcement states that after serving on the board for over 38 years, Li Guobao has decided to step down from the board and resign as an independent non-executive director of the company, effective immediately after the 2026 annual general meeting of shareholders. After resigning as an independent non-executive director following the 2026 annual general meeting, he will serve as a senior advisor to the chairman. Li Guobao has confirmed that he has no disagreements with the board of directors and there are no matters related to his resignation that need to be disclosed to the company’s shareholders.

The announcement mentions that Li Guobao’s 52-year-old son, Li Minqiao, has over 25 years of experience in banking, financial services, and corporate management, with extensive expertise in finance, corporate management, regulatory matters, and board oversight. He has gained rich experience serving on audit, nomination, and remuneration committees of listed companies. Through positions held in banking institutions, the Financial Cooperation Committee, and community organizations, he has also gained extensive public service and industry experience.

▲ Li Guobao (right) has rarely appeared in public in recent years; the photo shows him with his eldest son Li Minqiao (left) at the Hong Kong Monetary Authority’s third International Financial Leaders Investment Summit on November 19, 2024. (Stock photo)

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