Mr. Wenhui Lin, a director of the board of directors of Happiness Development Group Limited, notified the Company of his resignation as a director for personal reasons, effective January 16, 2023. Mr. Lin's resignation from the Board was not a result of any disagreement with the Company on any matter related to the operations, policies, or practices of the Company. Effective on January 16, 2023, the board of directors of the Company appointed Ms. Sophie Ye Tao as a director of the Company to fill the vacancies resulted from Mr. Lin's resignation.

The biographical information of Ms. Sophie Ye Tao is set forth below. Ms. Sophie Ye Tao, age 44, has been an active investor and advisor in private equity and public equity markets in China and the US since 2007. Throughout her investment career, she has made private equity investments in companies including SpaceX, Evernote, 360 DigiTech Inc., Star CM Holdings, the largest unscripted content producer in China, Linmon Media and Tricorn Technology.

From January 2021 to December 2022, Sophie Ye Tao was the President and Chief Executive Officer of SPK Acquisition Corp. From 2016 to 2021, Ms. Tao was a partner at Hanfor Capital Management. She was a co-founder and partner at Ray Shi Capital Group from 2010 to 2015.

Ms. Tao was the senior investment manager for Greater China at Vision Capital Advisors in New York City from 2007 to 2010. At Vision, Ms. Tao helped launch and co-managed the Vision Opportunity China Fund, focusing on sourcing, structuring and investing in small- and medium-sized enterprises in China through reverse mergers, private placements and private equity. Previously, Ms. Tao worked at Banc of America Securities LLC in New York City in its equity capital markets group between 2005 and 2007, where she originated and executed convertible bond and other equity–linked issuances.

She also worked at NERA Economic Consulting in its Chicago and New York City offices between 2003 and 2005 where she helped provide economics and econometrics analysis and recommendations to multi-national corporations involved in antitrust and securities litigations. Before that, Ms. Tao worked as a policy consultant at the Organization for Economic Cooperation and Development in Paris from 2001 to 2002, where she helped advise countries on their economic and regulatory reform policies. Ms. Tao graduated from the Woodrow Wilson School of Public and International Affairs at Princeton University in 2003 with a Master of Public Affairs degree concentrating in economics and advanced quantitative analysis.

She also graduated from the University of International Business & Economics in Beijing with a Bachelor of Laws degree in 2000.