The board of directors of Dowway Holdings Limited and its subsidiaries announced that, with effect from 24 April 2024, Mr. Chen Xicheng ("Mr. Chen'') has been appointed as an executive Director and the executive president of the Company; and Mr. Lian Mingcheng ("Mr. Lian'') has been appointed as a non-executive Director. Mr. Chen Xicheng, aged 39, earned a bachelor's degree from the Department of Computer Science and Technology of Southeast University in June 2006 and a master's degree from the School of Software Engineering of Nanjing University in December 2010. He is currently a permanent member of the Enterprise Strategy Research Institute of Jiangsu Province and a member of the General Alumni Association of Southeast University.

Mr. Chen served as the general manager of Nanjing Suning Software Technology Co. Ltd., from April 2016 to February 2024. He was the chief technology officer of Beijing Ronghai Data Technology Co.

Ltd. from May 2007 to April 2016. Mr. Chen has more than 18 years of experience in technology and product development, project management and strategic planning in the information technology field, as well as in-depth understanding of corporate digital transformation and a wealth of project cases. In the past, Mr. Chen led the establishment of virtualization and big data platforms for large enterprises such as China Mobile, China Tobacco and Ping An Insurance.

He was also responsible for the product and technology management of PP Sports (PP), Carrefour, and Suning Youhuo, helping PP Sports become the No. 1 sports media platform in China, and Carrefour China create an O2O business technology platform to become the first large supermarket offering omnichannel retail service. Mr. Chen will be primarily responsible for the overall planning and implementation of the Group's digital technology business strategy.

Leveraging on his industry resources and experience, he will lead the Group in building a digital technology ecosystem for its target customer base. Mr. Lian Mingcheng, aged 41, obtained a bachelor's degree in Political Science from the PLA's Nanjing Political College in June 2006 and a master's degree in Economics from Nankai University in June 2012. In July 2011 and March 2016, Mr. Lian was qualified as a practitioner in banking industry and fund industry in the People's Republic of China (the "PRC''), respectively.

Mr. Lian has over 13 years of management experience in banking and fund sectors of the financial industry and has established extensive governmental and market network in the PRC and Southeast Asian countries. Mr. Lian served as a vice president of Qianlong Holdings Group from January 2020 to April 2023, a vice president of Beijing-based Guoshang Fund from January 2016 to December 2019, a manager of the international business department of the Beijing Branch of Bank of China from July 2011 to December 2015.