BaiJiaYun Limited (BaiJiaYun) announced the successful completion of the transaction previously announced on July 19, 2022 between BaiJiaYun and Fuwei Films (Holdings) Co., Ltd. ("Fuwei Films" or the "Company"). The Company's board of directors (the "Board") and management currently consist of the following members, effective upon the Closing in accordance with the Merger Agreement: Mr. Gangjiang Li, the founder of BaiJiaYun, has been appointed as the Company's chief executive officer.