Ruihe Data Technology Holdings Limited announced the following appointments and changes to the Board with effect from 8 January 2024: Mr. Fei Xiang is re-designated from an independent non-executive Director to an executive Director. The biographical details of Mr. Fei are set out below: Mr. Fei Xiang, aged 44, has been pursuing a doctorate degree in management science and engineering at Nanjing University of Science and Technology since September 2014, majoring in management science and engineering, and obtained a Master of Business Administration for Senior Management degree from the same university in July 2013. Mr. Fei obtained the qualification of senior economist in October 2013.

Mr. Fei has about 10 years of experience in corporate management and extensive industry experience and client resources in banking and fintech sectors. Mr. Fei joined the Group since 18 July 2023 as an independent non-executive Director. Prior to joining the Group, Mr. Fei had successively engaged in teaching or administrative work at Suzhou Light Industry Vocational University Suzhou Art & Design Technology Institute and Taizhou Institute of Sci.&Tech., Nanjing University of Science and Technology from September 1999 to September 2014.

He had served as the deputy director of Jingjiang National Economic Development Zone the standing vice president of Industrial Technology Research Institute of Jingjiang City and the vice chairman of Taizhou Association for Science and Technology during the period from September 2014 to August 2016; he served as the deputy general manager of Guotai Jinfeng Equity Investment Fund Management (Shanghai) Co. Ltd. from September 2016 to December 2018; served at the Nanjing branch and the Zhenjiang branch of Ping An Bank Co. Ltd. from March 2019 to January 2021 with his last position serving as the branch vice president; has been an executive director and the general manager of Jiangsu Yingyuhe Corporate Management Consultancy Co.

Ltd. since March 2022; and has been an executive director of Huiyin Capital (Jiangsu) Co. Ltd. since May 2023. The Board further announces that Mr. Shi Banchao ("Mr. Shi") has resigned as an executive Director of the Company as Mr. Shi is going to pursue his other personal developments, with effect from 8 January 2024.

Due to his re-designation as an executive Director, Mr. Fei ceases to be the chairman of the nomination committee of the Board (the "Nomination Committee") and a member of the audit committee of the Board. Mr. Chen Zhenping, a non-executive Director, ceases to be a member of the Nomination Committee; Mr. Xue Shouguang is appointed as the chairman of the Nomination Committee; and Each of Mr. Yang Haifeng and Ms. Dan Xi is appointed as a member of the Nomination Committee.