The board of directors (the "Directors") of New Huo Technology Holdings Limited announced that Mr. Wu Shupeng ("Mr. Wu") has resigned as the executive Director and chief executive officer with effect from 30 November 2022 due to his intention to pursue his new business commitments. Mr. Wu has confirmed that he has no disagreement with the Board and the Company, and there are no matters with respect to his resignation that need to be brought to the attention of the shareholders of the Company. The Board announced that Mr. Du Jun ("Mr. Du") has been appointed as the executive Director and chief executive officer with effect from 30 November 2022.

Mr. Du, aged 35, has served as the co-founder of crypto exchange Huobi group since November 2013 and was responsible for the strategic planning and management of crypto exchange Huobi group. During this period, Mr. Du has also served as the co-founder and managing partner of ABCDE Capital since May 2022, responsible for the strategy planning and management of ABCDE Capital, and as the co-founder and director of Chainup Pte. Ltd. since September 2017, responsible for the company's strategic planning.

Prior to that, Mr. Du served as a senior product manager at Tencent between October 2010 and November 2013 and was responsible for Discuz! product design and operation and managing a team of more than 20 people. Before that, Mr. Du served as a product manager at Comsenz Inc. from April 2007 to October 2010 and was responsible for Discuz!

product design, and managing a team of more than 10 people. Mr. Du is currently an EMBA student at the National University of Singapore. He has published "Blockchain +: Application and Future of Blockchain from 50 cases in the world"* and "Blockchain+: Technological Ecology, Token Economy and Community Autonomy from 50 cases in the world"*, both of which are among the best-selling books in JD.com's internet finance field.