The Board of Bairong Inc. announced that Mr. Zheng Wei and Ms. Cathryn Xie Jianing have been appointed as executive Directors with effect from November 20, 2023. Mr. Zheng, aged 50, joined the Company in April 2016, and currently serves as senior vice president, head of BaaS ­ Insurance Scenario and acting chief financial officer of the Company. He has over twenty years of experience in the field of finance and investment, and has extensive experience in front, middle and back office management under different forms of ownership.

Prior to joining the Company, Mr. Zheng worked as senior finance consultant at Hillhouse from September 2015 to March 2016. He also worked as investment manager at Warburg Pincus from June to August of 2015, as vice president and chief financial officer at Datong Insurance from August 2011 to April 2015, as board secretary at Minsheng Life Insurance from August 2007 to August 2011, and as assistant vice president at Metlife Insurance from December 2004 to August 2007. Mr. Zheng received his Bachelor of Engineering in Industrial Automation from Zhejiang University in July 1995 and his Master of Business Administration in Finance from McMaster University in July 2001.

Ms. Xie, aged 36, joined the Company in October 2023 as Vice President and is currently in charge of capital markets and strategic investments of the Company. She has over 14 years of experience in capital markets, financing and mergers and acquisitions. Prior to joining the Company, Ms. Xie worked as executive director at Morgan Stanely investment banking division in Hong Kong from September 2017 to August 2023.

She also worked at various investment banking divisions at Credit Suisse, UBS AG and Barclays in Hong Kong from June 2009 to August 2017. During her investment banking tenure, Ms. Xie had extensive experiences of leading many renowned China technology companies' initial public offerings, follow-on offerings and other equity and debt financings, as well as mergers and acquisitions across Hong Kong and U.S. markets. Ms. Xie received her bachelor degree in economics and finance from the University of Hong Kong in May 2009 and is currently a certified financial analyst (CFA) chart holder.

The Board hereby announces that Ms. Zhao has tendered her resignation as an executive Director and the Authorised Representative with effect from November 20, 2023, due to her desire to devote more time to her other commitments. Ms. Zhao has confirmed that she has no disagreement with the Board and there is no other matter in respect of her resignation that needs to be brought to the attention of the Shareholders or the Stock Exchange. The Board further announces that Professor Liao has been re-designated from an independent non- executive Director to a non-executive Director with effect from November 20, 2023.

Professor Liao, aged 56, was appointed as an independent executive Director on October 20, 2023. Professor Liao has extensive research and practical experience in strategic innovation management across both academia and industries. Currently, Professor Liao holds positions of Executive Fellow of Harvard Business School and Senior Advisor to the chairman of JD.com Inc. Since 2012, Professor Liao served as the Associate Dean of Cheung Kong Graduate School of Business until March 2017.

From April 2017 to July 2021, Professor Liao was the chief strategy officer of Beijing Jingdong Century Trade Co. Ltd. Professor Liao received his bachelor's degree from Northeastern University of China in 1988 majoring in Industry Engineering, his master's degree in Economics from People's (Renmin) University of China in 1991, and his Doctor of Philosophy from Southern Illinois University in 1996 (with a focus on business policy & strategy). Professor Liao has been serving as an independent director of Zhewen Interactive Group Co.

Ltd. since November 2020, an independent director of Juewei Food Co. Ltd. since December 2021, a director of China United Network Communications Ltd. from February 2018 to December 2021, a director of Yonghui Superstores Co. Ltd. from April 2018 to December 2021, an independent non-executive director of Fantasia Holdings Group Co., Limited from February 2015 to May 2021 and an independent non-executive director of Colour Life Services Group Co., Limited from June 2014 to March 2021.

Meanwhile, Professor Liao has been an independent director of Origin Asset Management Co. Ltd. since February 2022.