BAIYU Holdings, Inc. announced that its board of directors (the "Board") has appointed Ms. Rongrong (Rita) Jiang as the successor to Mr. Xiangjun Wang to serve as an independent director, and a member of the Audit Committee of the Board (the "Audit Committee"), the Compensation Committee of the Board (the "Compensation Committee"), and the Nominating and Governance Committee of the Board, respectively, effective July 15, 2024. Ms. Rongrong (Rita) Jiang has over a decade of expertise in entrepreneurship, senior executive management, corporate finance, management consulting, and venture capital investment. As a founding partner of Ginger Capital LLC since April 2011, Ms. Jiang has been instrumental in providing comprehensive investment and strategic advisory services, focusing on market expansion, cross-border M&A, financial reporting, IPO preparation, and strategic partnerships.

Additionally, she serves as the Chief Financial Officer for Broad Capital Acquisition Corp, a NASDAQ-listed blank check company. Ms. Jiang co-founded Whitestone Investment Management LLC in April 2015, where she leads early-stage venture investments in technology companies worldwide, fostering cross-border collaborations and mentoring startups. Her previous roles include being a director at Woodlake Group, Executive Vice President of Finance at V Media Corp., and Vice President at Hayden Communications International.

Ms. Jiang has also held board positions at Bionik (China) Medical Technology Co., Ltd, and Jade International Financing and Leasing Co. Ltd. She holds a CFA charter, a Bachelor of Science from the University of Science and Technology of China, and a Master of Science in Chemistry from Northwestern University, Chicago.