The board of directors of New Focus Auto Tech Holdings Limited announced that Mr. Zhao Yufeng ("Mr. Zhao") has been appointed as the Chief Executive Officer of the Company with effect from 6 August 2020. The Board believes that Mr. Zhao is a suitable candidate for this position given his knowledge and experience. The biographical details of Mr. Zhao are set out as below: Mr. Zhao, Prior to joining the Group, he served successively as a vice president of Shanghai investment banking department and the general manager of Over- The-Counter department No. 5 of Jianghai Securities Co. Ltd., and the general manager and chairman of Shanghai Guofu Guangqi Cloud Computing Technology Co. Ltd. Mr. Zhao has extensive knowledge and experience in financial management and capital operation.