Bairong Inc. announced that Professor Guo Yike has tendered his resignation as an independent non-executive Director and a member of the Nomination Committee and the Corporate Governance Committee of the Company with effect from August 22, 2023, due to his desire to devote more time to his other commitments. Professor Guo has confirmed that he has no disagreement with the Board and there is no other matter in respect of his resignation that needs to be brought to the attention of the shareholders of the Company or the Stock Exchange. The Board also announced that Dr. Li Yao ("Dr. Li") has been appointed as a member of the Nomination Committee and the Corporate Governance Committee of the Company with effect from August 22, 2023.