Puyi Inc. announced the appointment of Mr. Yong Ren as its new chief executive officer (the “CEO”) to succeed Mr. Haifeng Yu, the company’s current CEO, with immediately effect. Mr. Haifeng Yu, being the founder and largest shareholder of Puyi, will work with Mr. Yong Ren to ensure a successful transition. Mr. Haifeng Yu will remain chairman of the board after the change. Prior to joining the company, Mr. Yong Ren has more than 10 years’ experience in corporate management including three years’ experience as the vice president at a well-recognized financing company in the industry.