The board of directors of Hengxin Technology Ltd. announced that Mr. Peng Yinan was appointed as an executive Director of the Company with effect from 20 August 2022 upon the recommendation of the nomination committee of the Company in the meeting held on 19 August 2022. Mr. Peng will be responsible for the overall management, operations supervision and strategic business development of Nanjing Zhangyu Information Technology Co. Ltd. and Shanghai Zhangyu Information Technology Co.

Ltd. in which the Company acquired 51% equity interest in 2022. Mr. Peng Yinan, aged 40, has served as the general manager of both Shanghai Zhangyu and Nanjing Zhangyu since September 2018 and June 2020 respectively. Mr. Peng participated and played an important role in the netwo rk security work for the 2008 Beijing Olympic Games and the Expo 2010 Shanghai.

From December 2013 to December 2021, Mr. Peng served as the chairman of the board and general manager of Shanghai Weiling Information Technology Co. Ltd. From June 2018 to June 2021, Mr. Peng served as the director of the Blockchain Security Research Centre jointed established by Telecommunication Technology labs of the China Academy of Information and Communications Technology of the Ministry of Industry and Information Technology of China, School of Cyber Science and Engineering of Shanghai Jiao Tong University, and Zhangyu Technology. Mr. Peng has served as a member of the Chinese Institute of Electronics Blockchain Branch and the executive director of the Hengyang Yancheng Blockchain Research Institute since November 2018 and April 2022, respectively.

Mr. Peng graduated from the Department of Computer Science and Engineering of Shanghai Jiao Tong University in 2003 with a bachelor's degree. Mr. Peng subsequently obtained a master's degree in cryptography from the School of Cyber Science and Engineering of Shanghai Jiao Tong University in 2008. Mr. Peng was the Certified Information System Security Professional (CISSP) and Certified Information System Auditor (CISA).