GD Culture Group Limited announced that on February 17, 2023, Ms. Junhe Hong tendered her resignation as a director and a member of the Nominating and Corporate Governance Committee, the Compensation Committee, and the Audit Committee of the Company, effective February 17, 2023. The resignation of Ms. Junhe Hong was not a result of any disagreement with the Company's operations, policies or procedures. On February 17, 2023, approved by the Board of Directors, the Nominating and Corporate Governance Committee and the Compensation Committee, Mr. Yi Zhong was appointed as a director and a member of the Nominating and Corporate Governance Committee, the Compensation Committee, and the Audit Committee of the Company, effective February 17, 2023.

Mr. Yi Zhong, age 31, is experienced in fund in management. Since 2014, Mr. Yi Zhong has been a fund manager at Huajian Securities in Shenzhen China, where he managed long-short equity portfolio, analyzed market trends, economic data and company financials to make investment decisions. From 2013 to 2017, Mr. Yi Zhong was a fund manager assistant at Hongouruibo Investment Fund in Shenzhen China, where Mr. Yi Zhong participated in the management of a global equity portfolio, developed and implemented investment strategies that effectively balance risk and reward.

Mr. Yi Zhong received his bachelor's degree in business administration from University of Toronto. Mr. Yi Zhong does not have a family relationship with any director or executive officer of the Company. Mr. Yi Zhong has not been involved in any transaction with the Company during the past two years that would require disclosure under Item 404(a) of Regulation S-K.