Ambow Education Holding Ltd. announced that on September 30, 2022, Mr. Ping Wu resigned as a member of the Board of Directors of company. Mr. Wu also resigned as a member of the Company's Audit Committee and Compensation Committee, effective on that same date. Mr. Wu was also Chairman of the Compensation Committee.

Mr. Wu's resignation was to pursue other personal endeavors, and not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices. On September 30, 2022, Mr. Mingjun Wang was appointed to fill the vacancy on the Board of Directors of the Company until his successor is duly qualified and elected to succeed him at the Company's next annual meeting or such earlier date of his resignation or removal. The Company has determined that Mr. Wang is “independent” under NYSE American listing standards and other governing laws and applicable regulations, including Rule 10A-3 under the Securities Exchange Act of 1934, as amended.  Mr. Wang will serve on each of the Audit Committee and Compensation Committee.

Mr. Yanhui Ma, the Company's independent director, will be the chairman of the Compensation Committee. Mr. Mingjun Wang, age 60, has over 30 years of operating and management experience in the education and publishing industries. Since 2003, he has served as Chairman of the board directors of Beijing Century Oriental Science and Technology Inc. Since 2017, he has been an executive partner of Edtech Venture, a U. S. venture capital firm. Mr. Wang is also an entrepreneur and independent investor in the United States and China, with investment portfolios including Splashtop, Homatch, Century Oriental, OSA Technologies, 100E Inc. etc.

Previously, Mr. Wang held Editor In Chief and Vice President positions of the Publishing House of Electronics Industry of China, and served as a member of the board of directors of China Electronics Association. Mr. Wang joined Pearson Education as international rights manager in 1999. Mr. Wang graduated from Stanford University, School of Business in 1998 with a Master of Science in Management degree, obtained his Master of Electronics Engineering degree from Xidian University in 1988 and a Bachelor of Science degree from Shandong University, Department of Mathematics in 1983.