Huobi Technology Holdings Limited announced that Mr. Li will resign as chief executive officer of the Company with effect from 18 December 2021 for reasons set, but will continue to serve the Company as the chairman of the Board and a non-executive Director. Mr. Wu will be appointed as the chief executive officer of the Company with effect from 18 December 2021. The biographical details of Mr. Wu have been set out above. Mr. Wu has entered into a service contract dated 17 December 2021 with the Company for his role as chief executive officer for an initial term of three years commencing from 18 December 2021, which is terminable by either party giving to the other not less than a three-month prior notice in writing. Mr. Wu, as the chief executive officer, is entitled to receive a remuneration of HKD 80,000 per month plus a discretionary management bonus as may be determined by the Board with reference to his performance and operating result of the Group. Such remuneration is recommended by Remuneration Committee and approved by the Board with reference to Mr. Wu's background, qualifications, experience, level of responsibilities undertaken with the Company and prevailing market conditions. Mr. Li has confirmed that he has no disagreement with the Company or the Board and there are no other matters relating to his resignation as chief executive officer that need to be brought to the attention of the shareholders of the Company. The Board would like to take this opportunity to express its warmest welcome to Mr. Li, Mr. Wu and Ms. Zhang for their new positions in the Company.