Puyi Inc. announced that,Mr. Zhang Jianjun, serving as an independent director of the Company and the member of the audit committee of the Company, was removed from the Board as of now, pursuant to Article 105(e) of the Articles of Association of the Company. Following the foregoing changes, board of directors consists of five directors, two of which are independent directors, and is co-chaired by Mr. Ren Yong and Mr. Kong Youjie. Audit committee consists of two independent directors, Mr. Luo Jidong and Dr. Zhai Lihong, and is chaired by Mr. Luo Jidong.

The current directors and executive officers as of the date of this press release are as follows: Ren Yong- Chairman of the board, Chief Executive Officer, Kong Youjie- Co-chairman of the board, Yang Yuanfen- Chief Financial Officer, Vice President, Head of Finance Department, Hu Yinan- Director, Luo Jidong- Independent Director, and Zhai Lihong- Independent Director.