The Board of the Directors of Pizu Group Holdings Limited announced that Ms. Yao Yunzhu (Ms. Yao) has resigned as independent non-executive director and a member of each of audit committee, remuneration committee and nomination committee with effect from 20 April 2023 due to her focus on other personal commitments. Mr. Li Xu (Mr. Li) has been appointed as an independent non-executive director and a member of each of audit committee, remuneration committee and nomination committee of the Company with effect from 20 April 2023. Mr. Li, aged 48, received a bachelor's degree in Economics (International Business Management profession) from the University of International Business and Economics in Beijing in July 1997, a master degree in Finance from the Boston College in December 1998 and a degree of doctor of philosophy in accounting from Massachusetts Institute of Technology's Sloan School of Management in June 2004.

Between January to August 1999, Mr. Li worked as a financial analyst in Lucent Technologies Inc. Mr. Li served as an assistant professor of The University of Texas at Dallas from July 2004 to August 2010 and was the assistant professor of Lehigh University from August 2010 to June 2012. Mr. Li has been an associate professor of the Faculty of Business and Economics at the University of Hong Kong since July 2012, where he is mainly involved in imparting practical knowledge in the commercial world during the teaching of accounting and financial management courses. He is also currently the program director of executive master of business administration jointly offered by the University of Hong Kong and the Peking University, where he is responsible for project management and promoting accounting, business and finance education towards the development of the business and finance profession and human capital.

Mr. Li become a member of the American Accounting Association since September 2002. Since October 2003, he has obtained the Certified Financial Analyst (CFA) qualification from the CFA Institute (formerly known as the Association for Investment Management and Research). Mr. Li serves as an independent non-executive director of China Tianbao Group Development Company Limited since November 2019 and China Kangda Food Company Limited since August 2020.