COMPANY INFORMATION

Listed Date 15 Jan 2015

Telephone General Line:
(852) 2395 4111
Investor relations:
(852) 2390-1868

Facsimile General Line:
(852) 2789 1539
Investor relations:
(852) 3475 0126

Website:
6161.com.hk

Email investorrelations@6161.com.hk

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Target Insurance (Holdings) Limited (the “Company”) (Stock Code: 6161.HK) listed on the Main Board of the Stock Exchange of Hong Kong Limited (the “HKEx”) on 15 January 2015. The Company was honored to receive Hong Kong Economic Journal’s Listed Company Award of Excellence 2016.

Target Insurance Company, Limited (“Target”), a wholly-owned subsidiary of the Company, was incorporated in 1977, is one of the largest motor insurance companies in Hong Kong. Target is a trusted partner to the transportation industry and provides high quality and professional insurance services to our customers.

With the focus on motor insurance, Target ranked first in terms of motor insurance gross premium income in 2010, and has maintained the top three ranking consecutively. Target distinguished itself and earned customers’ confidence with its convenient and speedy claims procedures, highly efficient and advanced insurance information system, as well as its experienced and professional team in the competitive motor insurance market. Target received various recognitions around Hong Kong, such as RoadShow’s Best Loved Motor Insurance Brands Awards 2015 and 2016 and Metro Awards for Banking & Finance Corporations 2016 - Best Motor Insurance Award.

Target have successfully developed new general insurance products in 2017 and provides an all-rounded, professional and quality general insurance products and services to local enterprises and individual clients. Target recruited a team of top-tier experienced professionals from international insurance companies, in order to diversify its general insurance products and enhance its professionalism. We embrace new challenges in the future and target to be the most preferred local general insurance company in Hong Kong.


Dr. Cheung Haywood - Chairman and Executive Director

Dr. CHEUNG HAYWOOD (“Dr. Cheung”), aged 66, is an executive Director and Chairman of the Board. He is also the chairman and an executive director, and a member of the reinsurance committee of Target. He joined our Group in 2010. He has over 35 years’ experience in metals trading, securities and futures brokerage and forex dealings in Hong Kong. Dr. Cheung has extensive business connections in Hong Kong and the PRC. He has served as the President of the Executive and Supervisory Committees of Chinese Gold & Silver Exchange Society (“Society”) from June 2010 to December 2014 and January 2017 to present. Since then, he has also become the Chairman of the Supervisory Committee of the Society from January 2015 to December 2016. He is the President of the New Territories General Chamber of Commerce for the year 2012 to present.

Dr. Cheung was an executive director of Simsen International Corporation Limited (“Simsen”, now known as “Huarong International Financial Holdings Limited”, Stock code: 993), a company listed on the Main Board of the Stock Exchange, from July 1997 to April 2010 and was the controlling shareholder of Simsen from March 2004 to March 2010. He was also appointed as the chairman of Simsen in September 2004. Dr. Cheung resigned from the chairmanship and the directorship of Simsen on 23 April 2010.

Dr. Cheung obtained a Bachelor Degree in Science with a major in Geology Engineering and Economics from Concordia University, Montreal in 1978. He has also obtained a degree of Executive Master of Business Administrations and a Doctor degree of Business Administrations from the City University of Hong Kong in 2012 and 2014 respectively.

Mr. Ng Yu - Co-Chairman and Executive Director

Mr. NG YU (“Mr. Ng”), aged 30, was appointed as an executive Director and co-Chairman of the Board with effect from 23 December 2020. Mr. Ng has broad business connection in Hong Kong, Mainland China, Europe and America and has extensive experience in financial innovation, internet technology, assets and wealth management.

Mr. Ng is currently the chairman of the Board of Directors, an executive Director and a substantial shareholder of Amber Hill Financial Holdings Limited (Stock code: 33). He is also the Chairman of the Board of Directors and ultimate beneficial owner of Amber Hill Holdings Limited and the founder and chairman of Smile Charity Foundation.

The group companies of Amber Hill Holdings Limited under the management of Mr. Ng, is principally engaged in various licensed regulated activities, including financial services such as life insurance, asset management, wealth management, family trusts, securities trading and futures trading. Founded by Mr. Ng, the Smile Charity Foundation is dedicated to solving the problems of survival and learning of poor children in Greater China by donating daily necessities, school supplies, scholarships and school buses and providing funds to build and repair school buildings, etc. in different regions.

He was graduated from King’s College in Hong Kong and later studied in the United States and obtained an advanced technology leadership professional certificate from the Massachusetts Institute of Technology and a family wealth inheritance program certificate from the Harvard Law School.

Mr. Muk Wang Lit Jimmy - Executive Director and Chief Executive Officer

Mr. MUK WANG LIT JIMMY (“Mr. Muk”), aged 64, is an executive Director and the Chief Executive Officer of the Company, as well as a member of each of the Nomination Committee and the Risk Committee of the Company. Mr. Muk is also an executive director, the chief executive officer and the compliance officer of Target, and the chairman of each of the reinsurance committee and the claims settlement committee, a member of each of the underwriting committee and the investment committee of Target. He is responsible for reporting to the Board on Target’s compliance matters, and for monitoring Target’s compliance with the requirements under the Insurance Ordinance (Chapter 41 of the Laws of Hong Kong) and other requirements as imposed by the Insurance Authority. He joined the Group in 1979. Mr. Muk has over 39 years of experience in motor insurance business. Mr. Muk first joined the insurance industry in 1979 by joining Target in that year as claims supervisor and was responsible for handling and conducting claims and related matters. He was promoted as claims manager in 1982 and as assistant general manager in 1986 and was responsible for overseeing all functions and the daily operations of all departments. He was subsequently appointed as the general manager in 1993, taking up further planning, administration, compliance and decision-making responsibilities. He has also been a director of Target since 1983, participating in setting objectives and formulating strategies and corporate governance with his fellow directors.

Mr. Muk obtained a Bachelor of Business (Business Administration) degree with Distinction from Royal Melbourne Institute of Technology in 2003 and a Master of Business Administration degree from University of Ballarat in 2006. Mr. Muk also obtained a Master of Corporate Governance degree, which is a distance learning course, and a Master of Arts in Applied English Linguistics degree from the Open University of Hong Kong in 2013 and 2016 respectively. He has been a fellow of The Australian and New Zealand Institute of Insurance and Finance (“ANZIIF”) since 1995.

Mr. Chan Hok Ching - Executive Director

Mr. CHAN HOK CHING (“Mr. Chan”), aged 56, is an executive Director of the Company. He joined the Group in July 2010 as the assistant to chairman. Mr. Chan is also a member of each of the Remuneration Committee and the Risk Committee of the Company. Mr. Chan is an executive director of Target, chairman of the underwriting committee and the investment committee, and a member of the reinsurance committee of Target. He is responsible for assisting the Chairman of the Board in performing his duties in all areas. Mr. Chan has been appointed as an executive director of Target since June 2012. Mr. Chan has over 29 years’ experience in banking and financial industry. Mr. Chan has been the general manager of Simsen from May 2002 to January 2006. He has also been an executive director and acting managing director of the said company from January 2006 to April 2010. Mr. Chan has been elected as an executive director of the New Territories General Chamber of Commerce for the year 2012 to present.

Ms. Lau Ka Yee - Executive Director and Chief Financial Officer

Ms. LAU KA YEE (“Ms. Lau”), aged 39, was appointed as an executive Director of the Company and a member of the risk committee of the Company with effect from 1 January 2020. Ms. Lau is the Chief Financial Officer of the Company and its subsidiaries (collectively, the “Group”). She is also a director of Target Credit Limited and a member of the claims settlement committee of Target Insurance Company, Limited, each of them a wholly-owned subsidiary of the Company. Ms. Lau was appointed as the financial controller of the Group in October 2014. She has over 15 years of experience in accounting industry specializing in general insurance industry. Prior to joining the Group, Ms. Lau had worked as a senior manager of PricewaterhouseCoopers’ advisory services. 


Ms. Lau is a fellow member of the Hong Kong Institute of Certified Public Accountants and associate of the Hong Kong Institute of Chartered Secretaries and the Chartered Governance Institute (formerly known as Institute of Chartered Secretaries and Administrators). She graduated from Hong Kong Polytechnic University with a Master of Corporate Governance (with Distinction) in 2018 and Chinese University of Hong Kong with a Bachelor of Business Administration majoring in Professional Accountancy in 2003. Ms. Lau is a fellow of The Australian and New Zealand Institute of Insurance and Finance.


Mr. Wei Weicheng - Executive Director

Mr. WEI WEICHENG (“Mr. Wei”), aged 36, was appointed as an executive Director of the Company, as well as a member of each of the Remuneration Committee, the Nomination Committee and the Risk Committee of the Company with effect from 23 December 2020. Mr. Wei has extensive experience in wealth management, company fundraising and mergers and acquisitions.

Mr. Wei is currently an executive Director of Amber Hill Financial Holdings Limited (Stock code: 33).

He had served renowned global high-tech company and international banking group. Mr. Wei, particularly, is familiar with the financial industry and the technology industry in mainland China and has a vision for the strategic development of the Greater Bay Area. Mr. Wei is also devoted to charity. He is patron and an active member of civil and arts charities.

Mr. Wei obtained a Bachelor’s degree in Computer Engineering from Jilin University and a Master’s degree in Environmental and Public Health Management from Hong Kong Baptist University.

Mr. Lin Feng - Executive Director

Mr. LIN FENG (“Mr. Lin”), aged 32, was appointed as an executive Director of the Company and a member of the Risk Committee of the Company with effect from 23 December 2020. Mr. Lin has extensive experience in corporate finance, franchising and scale development.

Mr. Lin is currently an executive Director of Amber Hill Financial Holdings Limited (Stock code: 33).

He founded MyCharm, a franchised retail brand in 2011 and Guangzhou Baikong Biotechnology Limited in 2015, focusing on research vector control technology. His innovative research achievement and intellectual property rights have contributed to the development of biotechnology market in Mainland China. In the same year, Mr. Lin established Shenzhen Qianhai Water & Wood Fund Management Limited, principally engaged in the algorithmic trading & private equity, and introduced one of the five most significant overseas hedge funds into China market.

He obtained his Bachelor’s Degree in 2012 and is currently pursuing further studies in a Doctorate Degree in Southern Medical University.

Mr. Dai Chengyan - Executive Director

Mr. DAI CHENGYAN (“Mr. Dai”), aged 51, was appointed as an executive Director of the Company with effect from 23 December 2020. Mr. Dai is currently the chief executive officer of the Greater China of Amber Hill Holdings Limited.

Mr. Dai had been the general manager of the wealth management department of China Resources SZITIC Trust Co., Ltd. during May 2016 to July 2020. He was the deputy general manager of the investment banking department of Zhuhai China Resources Bank from July 2015 to May 2016. During January 2010 to July 2015, Mr. Dai had been the general manager of the investment banking and finance department of the China Merchants Bank Guangzhou Branch.

He obtained the Master’s degree in Business Administration in Maastricht School of Management.

Mr. Rui Yuanqing - Executive Director

Mr. RUI YUANQING (“Mr. Rui”), aged 36, was appointed as an executive Director and a member of each of the Remuneration Committee and the Risk Committee of the Company with effect from 23 December 2020.

Mr. Rui is currently the personal assistant to chairman of Amber Hill Holdings Limited (Stock code: 33). Mr. Rui had been the manager of the investment & business development department of Target Insurance Company, Limited from May 2011 to Nov ember 2015. He had played a vital leading role in leading the Company to list in the Stock Exchange and helped the Company in launching the online direct sales project/website successfully. Mr. Rui was responsible for investment activities and exploring, analyzing and evaluating new business opportunities. He represented Target as delegate in Accident Insurance Association, Hong Kong Federation of Insurers during 2013 to 2015. Mr. Rui worked as an operation manager in Head & Shoulders Securities Ltd. from April 2010 to April 2011 and had worked as a project coordinator in Simsen Services Company Limited, which is wholly owned by Simsen International Corporation Limited (now known as Huarong International Financial Holdings Limited, Stock code: 993), from 4 August 2008 to 31 March 2010. He has actively engaged in various financial projects of mergers and acquisitions, including mining, securities, insurance etc. and has extensive experience in due diligence, investment and asset management.

Mr. Rui obtained a Master’s degree of Science in International Banking and Finance in Lingnan University in 2008. He is a fellow of The Australian and New Zealand Institute of Insurance and Finance.

Mr. Wan Kam To - Independent non-executive Director

Mr. WAN KAM TO (“Mr. Wan”), aged 66, was appointed as an independent non-executive Director on 1 November 2014. Mr. Wan is also an independent non-executive director and the chairman of the audit committee of Target, and the chairman of the Audit Committee of the Company. He has been awarded the Higher Diploma in Accountancy by Hong Kong Polytechnic (now known as Hong Kong Polytechnic University) in 1975. Mr. Wan is a fellow member of the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and the Association of Chartered Certified Accountants. Mr. Wan was a former partner of PricewaterhouseCoopers Hong Kong & China with extensive experience in auditing and financial management. Mr. Wan was a non-executive director of Taikang Life Insurance Company Limited during the period between November 2009 and March 2011. Mr. Wan also serves or has served as an independent non-executive director/independent director of the following listed companies:
 
Company Stock code Which stock exchange the company is listed Duration
A-Living Services Co., Ltd. 3319 Stock Exchange August 2017 to present
China Resources Land Limited 1109 Stock Exchange March 2009 to present
China World Trade Centre Co., Ltd. 600007 Shanghai Stock Exchange November 2016 to present
Dalian Port (PDA) Company Limited

2880

601880

 Stock Exchange
Shanghai Stock Exchange		 June 2011 to June 2017
Fairwood Holdings Limited 52 Stock Exchange September 2009 to present
Haitong International Securities Group Limited665Stock ExchangeJune 2018 to present
Harbin Bank Co., Ltd.6138
Stock ExchangeOctober 2013 to present
Huaneng Renewables Corporation Limited 958 Stock Exchange August 2010 to present
Kerry Logistics Network Limited636Stock ExchangeNovember 2013 to present 
KFM Kingdom Holdings Limited 3816 Stock Exchange September 2012 to present
S. Culture International Holdings Limited 1255 Stock Exchange May 2013 to July 2017
Shanghai Pharmaceuticals Holding Co., Ltd.2607
601607		Stock Exchange
Shanghai Stock Exchange		June 2013 to present

 

Mr. Wong Shiu Hoi Peter - Independent non-executive Director

Mr. WONG SHIU HOI PETER (“Mr. Wong”), aged 78, was appointed as an independent non-executive Director on 1 November 2014. Mr. Wong is also an independent non-executive director and a member of each of the audit committee and the investment committee of Target, the chairman of each of the Remuneration Committee and the Risk Committee, and a member of the Audit Committee and the Nomination Committee of the Company. Mr. Wong obtained a Master of Business Administration Degree from the University of Macau (formerly known as the University of East Asia, Macau) in 1986. Mr. Wong possesses over 43 years of experience in the financial services industry. He is the past chairman of the Hong Kong Institute of Directors and was an executive director, deputy chairman and chief executive of Haitong International Securities Group Limited. He is a former member of the Standing Committee of Company Law Reform, Listing Committee of the Stock Exchange and Financial Services Advisory Committee of the Hong Kong Trade Development Council. He was an overseas business advisor of Haitong Securities Company Limited. Mr. Wong also serves as an independent non-executive director of the following listed companies:
 
Company Stock code Which stock exchange the company is listed Duration
Agile Property Holdings Limited 3383 Stock Exchange June 2014 to present
High Fashion International Limited 608 Stock Exchange July 2004 to present
Tianjin Development
Holdings Limited		 882 Stock Exchange December 2012 to present

Mr. Anthony Espina - Independent non-executive Director

Mr. ANTHONY ESPINA (“Mr. Espina”), aged 71, was appointed as an independent non-executive Director and member of the audit committee of the Company on 1 May 2020. Mr. Espina was also appointed as the chairman of the Nomination Committee with effect from 1 January 2021 and a member of each of the Remuneration Committee and the Risk Committee with effect from 23 December 2020.

Mr. Espina graduated from IE University with an Executive Master in Digital Transformation and Innovation Leadership in 2020 and the University of Southern Queensland with a Bachelor’s Degree in Business. Mr. Espina possesses over 50 years of experience in the accounting and finance industry. Mr. Espina was the Chief Executive Officer and Chairman of the Management Board and Executive Director of Supervisory Board of ATF Bank in Kazakhstan and of the subsidiary Optima Bank in Kyrgyzstan. He is currently a Non-Executive Director of the Supervisory Board of ATF Bank.

Mr. Espina was the chairman of the Hong Kong Securities Association and is the Permanent Honour President of the Association.

Mr. Espina is an associate member of CPA Australia, a fellow member of The Hong Kong Institute of Certified Public Accountants and a fellow member of The Hong Kong Institute of Directors. Mr. Espina has also served as an independent non-executive director of Amber Hill Financial Holdings Limited (Stock code: 0033) since June 2007.

Mr. Leung Ho Yin Alexander - Independent non-executive Director

Mr. LEUNG HO YIN ALEXANDER (“Mr. Leung”), aged 43, was appointed as an independent non-executive Director and a member of each of the Audit Committee, the Nomination Committee, the Remuneration Committee and the Risk Committee of the Company with effect from 23 December 2020. He has extensive experience in legal and commercial aspect. Mr. Leung is enthusiastic about public welfare and has served different positions in different public social organizations.

He is currently the managing partner of H.Y. Leung & Co. LLP, Solicitors.

Mr. Leung obtained the legal practitioner in The Supreme Court of New South Wales in 2002, the profession of solicitor in The Law Society of Hong Kong in 2005 and the profession of certified public accountant in Certified Public Accountants in Australia in 2009. Mr. Leung was graduated in The University of New South Wales with a Bachelor’s degree of law, a Master’s degree and a Bachelor’s degree of commerce in 2000.

Dr. Wang Jun Sheng - Independent non-executive Director

Dr. WANG JUN SHENG (“Dr. Wang”), aged 60, was appointed as an independent non-executive Director and a member of each of the Audit Committee and the Remuneration Committee of the Company with effect from 23 December 2020. Dr. Wang has more than twenty years of experience in equity investment, asset management and banking industry. Dr. Wang is currently a researcher of China Economic and Technological Research Consulting Company Limited. Dr. Wang received a Ph.D. from Huazhong University of Science & Technology.

Dr. Wang is currently an independent non-executive Director of Amber Hill Holdings Limited (Stock code: 33).

Dr. Wang served as an independent non-executive Director of Shenzhen Nanshan Power Co. Ltd. (a company listed on the Shenzhen Stock Exchange, Stock Code: 000037 & 2000037) from May 2011 to November 2017 and China Merchants Shekou Industrial Zone Holdings Co., Ltd (a company listed on the Shenzhen Stock Exchange, Stock Code: 001979) from June 2015 to September 2018.

Audit Committee

The primary duties of the audit committee are to review and supervise the financial reporting process and internal control procedures of our Group.


The audit committee comprises Mr. Wan Kam To, Mr. Wong Shiu Hoi Peter, Mr. Anthony Espina, Mr. Leung Ho Yin Alexander and Dr. Wang Jun Sheng. Mr. Wan Kam To is the chairman of the audit committee.

 

Terms of Reference of the Audit Committee

 

Remuneration Committee

The primary duties of the remuneration committee are to review and determine the terms of remuneration packages, business and other compensation payable to the Directors and other senior management. 


The remuneration committee comprises four independent non-executive Directors and three executive Director, namely Mr. Wong Shiu Hoi Peter, Mr. Anthony Espina, Mr. Leung Ho Yin Alexander, Dr. Wang Jun Sheng, Mr. Chan Hok Ching, Mr. Wei Weicheng and Mr. Rui Yuanqing. Mr. Wong Shiu Hoi Peter is the chairman of the remuneration committee.


Terms of Reference of the Remuneration Committee

 

Nomination Committee

The primary duties of the nomination committee are to make recommendations to the Board on the appointment of Directors and management of Board succession.


The nomination committee comprises three independent non-executive Directors and two executive Director, namely Mr. Anthony Espina, Mr. Wong Shiu Hoi Peter, Mr. Leung Ho Yin Alexander, Mr. Muk Wang Lit Jimmy and Mr. Wei Weicheng. Mr. Anthony Espina is the chairman of the nomination committee.


Terms of Reference of the Nomination Committee

 

Risk Committee

The primary duties of the risk committee are (i) to advise the risk and risk management strategy of our Group; (ii) to consider, review and approve risk management policies and guidelines; and (iii) to decide on risk levels and related resources allocation. The risk committee will also be responsible for advising further enhancement on corporate governance in preparation for the requirements under the risk-based capital framework (including the appointment of a chief risk officer).


The risk committee comprises three independent non-executive Directors and six executive Directors, namely Mr. Wong Shiu Hoi Peter, Mr. Anthony Espina, Mr. Leung Ho Yin Alexander, Mr. Muk Wang Lit Jimmy, Mr. Chan Hok Ching, Ms. Lau Ka Yee, Mr. Wei Weicheng, Mr. Lin Feng and Mr. Rui Yuanqing. Wong Shiu Hoi Peter is the chairman of the risk committee.


Terms of Reference of the Risk Committee

 

Procedures for Shareholders to Propose A Person for Election as A Director of the Company

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Shareholders Communication Policy

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Whistleblowing Policy

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Target Insurance (Holdings) Limited
Address: 5/F, Low Block, Grand Millennium Plaza, 181 Queen's Road Central, Hong Kong
Tel: (852) 2390-1868
Fax: (852) 3475-0126
Email: investorrelations@6161.com.hk