The board of directors of Qingdao AInnovation Technology Group Co., Ltd. announced that due to personal work arrangements, Mr. Cao John (Mr. Cao) has tendered his resignation as the chief financial officer of the company. Mr. Cao has confirmed that he has no disagreement with the Board and there is no any matter in respect of his resignation as a Chief Financial Officer which needs to be brought to the attention of the Stock Exchange of Hong Kong Limited or the shareholders of the company. The Board announced that it has resolved to appoint Mr. Xiao Lei (Mr. Xiao) as the Chief Financial Officer with effect from 20 November 2022.

Mr. Xiao has served as the director of investment and finance of the Company since January 2020, the Secretary of the Board since May 2021 and a joint company secretary of the Company since June 2021. Mr. Xiao served as a legal consultant of COFCO Land Management Co, Ltd. from July 2012 to April 2014 and held several positions including the Deputy General Manager and General Manager of the legal department, the Secretary to the board of directors, the General Manager of the investment banking department, and the Deputy General Manager of Shoutai Jinxin (Beijing) Equity Investment Fund Management Co., Ltd. from May 2014 to January 2020. Mr. Xiao obtained his bachelor's degree in law from China University of Political Science and Law in June 2009, and his master's degree in civil and commercial law from China University of Political Science and Law in June 2012.