Puyi Inc. announced the appointment of Dr. Lihong Zhai as its new independent director and new member of its audit committee on March 17, 2020. Prior to joining the Company, Dr. Lihong Zhai has more than 30 years’ experiences in the financial industry, including experiences as the lecture in finance at Southwestern University of Finance and Economics and experiences as the director of a well-known trust and financing research institute. In addition, Dr. Zhai has extensive experiences in corporate management, and he has also held multiple senior management positions, including being an independent director and supervisor, in several banks and corporations.