Bairong Inc. announced that Mr. Ou Wenzhi ("Mr. Ou") has tendered his resignation as a non-executive Director with effect from October 20, 2023, due to his desire to devote more time to his other commitments. The Board announced that Professor Liao Jianwen ("Professor Liao") has been appointed as an independent non-executive Director with effect from October 20, 2023. Professor Liao, aged 56, has extensive research and practical experience in strategic innovation management across both academia and industries.

Currently, Professor Liao holds positions of Executive Fellow of Harvard Business School and Senior Advisor to the chairman of JD.com Inc. Since 2012, Professor Liao served as the Associate Dean of Cheung Kong Graduate School of Business until March 2017. From April 2017 to July 2021, Professor Liao was the chief strategy officer of Beijing Jingdong Century Trade Co. Ltd. Professor Liao received his bachelor 's degree from Northeastern University of China in 1988 majoring in Industry Engineering, his master's degree in Economics from People's (Renmin) University of China in 1991, and his Doctor of Philosophy from Southern Illinois University in 1996 (with a focus on business policy & strategy).

Professor Liao has been serving as an independent director of Zhewen Interactive Group Co. Ltd. since November 2020, an independent director of Juewei Food Co. Ltd. since December 2021, a director of China United Network Communications Ltd. from February 2018 to December 2021, a director of Yonghui Superstores Co.

Ltd. from April 2018 to December 2021, an independent non-executive director of Fantasia Holdings Group Co., Limited from February 2015 to May 2021 and an independent non-executive director of Colour Life Services Group Co., Limited from June 2014 to March 2021. Meanwhile, Professor Liao has been an independent director of Origin Asset Management Co. Ltd. since February 2022.