The board of directors of Baofeng Modern International Holdings Company Limited announced that Dr. Xu Zhi ("Dr. Xu") has been appointed as an executive Director and chief technology officer of the Group with effect from 26 February 2021. Prior to joining the Group, Dr. Xu had worked in Applied Materials Inc. for more than a decade with his last positions as senior manager and senior member of technical staff and participated in the research and development of plasma-enhanced chemical vapor deposition and low pressure chemical vapor deposition system. The Board announced that with effect from 26 February 2021, Mr. Leung Tsz Chung ("Mr. Leung"), an executive Director, has been appointed as the chairman of the Board in place of Mr. Zheng Jingdong ("Mr. Zheng"), an executive Director. Mr. Zheng will remain as an executive Director.