Pizu Group Holdings Limited announced that Mr. Xiong Zeke has resigned as an executive Director with effect from 14 April 2023 due to the new arrangement of work of the Company. The Board further announces that Mr. Ma Gangling has resigned as an executive Director with effect from 14 April 2023 due to the new arrangement of work of theCompany. The Board announced that Mr. Ma Yong ("Mr. Ma") has been appointed as an executive Director with effect from 14 April 2023.

Mr. Ma, age 39 graduated from Wuhan Institute of Technology (currently known as Wuhan Polytechnic University in PRC in June 2006 with a bachelor's degree of management. Mr. Ma obtained licence of human resources in February 2005, he has also passed the qualification examination for a tour guide in January 2006, and he was qualified as a junior blasting engineer in March 2022. Mr. Ma has over 14 years of experience in corporate management.

He has been the general manager of Tajikistan KM MUOSIR since March 2023. During the period of January 2021 to March 2023, he was the general manager of Shenzhen Boyang Science and Training Development Group Co. Ltd.; from November 2017 to January 2021, he was employed by Inner Mongolia Juli Engineering and Blasting Services Limited with his last position as the general manager; and from May 2008 to November 2017, he was employed by Hulumbeier Shengshi Mining Investment Co.

Ltd. with his last position as the general manager. Mr. Ma is the uncle of Mr. Ma Tianyi, an executive Director, the chairman of the Board and the chief executive officer of the Company. Mr. Ma is also a cousin of (i) Mr. Ma Qiang, a former executive Director and a former chairman of the Board; (ii) Mr. Liu Fali, an executive Director and the chief operating officer of the Company; and (iii) Ms. Ma Ye, an executive Director.

Following the resignation of Mr. Xiong Zeke as an executive Director, he will cease to act as an authorised representative of the Company under Rule 5.24 of the GEM Listing Rules ("Authorised Representative"), and Mr. Ma Tianyi, an executive Director, the chairman of the Board and the chief executive officer of the Company, has been appointed as an Authorised Representative with effect from 14 April 2023.