On January 9, 2020, Mr. Jiaxi Gao resigned from his position as Chief Executive Officer of Bat Group, Inc. effective immediately. Mr. Gao's resignation is not as a result of any disagreement with the Company relating to its operations, policies or practices. On January 9, 2020, Ms. Renmei Ouyang resigned from her position as Chief Operating Officer of the Company.

Ms. Ouyang's resignation is not as a result of any disagreement with the Company relating to its operations, policies or practices. On the same date, the Board appointed Ms. Ouyang as the CEO of the Company to fill the vacancy created by the resignation of Mr. Gao. On January 9, 2020, Ms. Yang An resigned from her position as a director of the Board.

Ms. An's resignation is not as a result of any disagreement with the Company relating to its operations, policies or practices. On January 9, 2020, the Board appointed Mr. Qun Xie as the Chief Strategy Officer of the Company, and as a director of the Board to fill the vacancy created by the resignation of Ms. An. Mr. Xie served as the executive partner of Shanghai Zhenhe Investment Management Center from 2014 to 2019.