On January 15, 2024, Ms. Yang Zhou tendered her resignation as Independent Director and Chairman of the Audit Committee of the Board of Directors of Luokung Technology Corp. (Company). Effective on April 11, 2024, the Board of Directors of the company appointed Mr. Liangbing Yu as the new Independent Director and Chairman of the Audit Committee of the Board of Directors of the company to fill the vacancy created by Ms. Zhou's resignation.

Mr. Liangbing Yu, age 50, is Executive Partner at Beijing GloryHope Oriental Investment Center (Limited Partnership), a position he held since 2017. From 1998 to 2017, Mr. Yu worked at CYTS Holding Co. LTD., where he has served in various capacities including as Vice President of International Tourism Company, General Manager of Operations Management Department, General Manager of Inbound Online Business Department, General Manager of Destination Overseas Marketing Business Department, General Manager of Investment Management Department, and Strategic Planning Director of Securities Department.

Mr. Yu received his dual Bachelor's Degree in Investment Economics & Economic Law from Huazhong University of Science and Technology.