NaaS Technology Inc. announced the successful completion of the transaction previously announced on February 8, 2022 between RISE Education Cayman Ltd. (RISE), the Company's predecessor, and Dada Auto Inc. (NaaS) (the Transaction). As announced on April 29, 2022, the Transaction and certain additional Transaction-related proposals were approved by RISE's shareholders at an extraordinary general meeting held on April 29, 2022 (the "GM). The Company, with its name changed to NaaS Technology Inc., continues to be listed on Nasdaq with its new ticker NAAS.

The Company's board of directors and management currently consist of the following members, effective immediately prior to the Closing in accordance with the Merger Agreement: Mr. Zhen Dai, a founder of NaaS, has been appointed the chairman of the Board and the chairperson of the compensation committee of the Board. Ms. Yang Wang, a founder of NaaS, has been appointed the director of the Company. Mr. Weilin Sun, a founder of Newlinks Technology Limited, a shareholder of NaaS prior to the Transaction and a shareholder of the Company after the Transaction, has been appointed a director of the Company.

Mr. Bin Liu, previously a director of NaaS, has been appointed a director of the Company. Mr. Zhongjue Chen, who has served as a director of RISE since October 2013, continues to serve as a director of the Company after the Transaction. Mr. Chen has also been appointed the chairperson of the corporate governance and nominating committee of the Board.

Mr. Guangming Ren has been appointed an independent director of the Company and the chairperson of the audit committee of the Board and a member of the compensation committee and corporate governance and nominating committee of the Board. Mr. Guangming Ren currently serves as a director of Joincap Holding Group and the general manager of Beijing Joincap Asset Management Co. Ltd. Mr. Xiaoli Liu has been appointed an independent director of the Company and a member of the audit committee, compensation committee and corporate governance and nominating committee of the Board.

Mr. Xiaoli Liu is the founder of Beijing Wanli Xinyuan Technology Co. Ltd. Ms. Lihong Wang, previously chairwoman of the Board and a director of RISE, Mr. Jonathan Jia Zhu, Mr. Weili Hong and Mr. Jun Yan, each previously a director of RISE, and Mr. Alex Wu, previously the acting chief financial officer of RISE, have all resigned from their respective roles.