The board of directors of Technovator International Limited announced that Ms. Chen Hua has resigned as an independent non-executive Director of the Company, the chairlady of the audit committee and a member of risk management committee with effect from 29 May 2023 in order to devote more time to her other business endeavours. The Board also announced that Ms. Lu Yao has been appointed as an independent non-executive Director, the chairlady of the audit committee and a member of risk management committee with effect from 29 May 2023. Ms. Lu, aged 44, has extensive teaching and research experience in the field of economics and management.

She has been working at the Department of Finance of School of Economics and Management, Tsinghua University since December 2009 and has held various key positions, including: assistant professor from December 2009 to December 2012; associate professor from December 2012 to December 2016; tenure- track associate professor from December 2016 to July 2020; vice chair of the Department of Finance since October 2020; and tenure-track professor since July 2020. Ms. Lu is also a member of China Society for Finance and Banking, a member of China Finance and Accounting Academic Annual Conference, a member of Financial Quantitative Analysis and Computer Professional Committee of China Interdisciplinary Science Research Association, a researcher for several institutes and research centers of Tsinghua University and University of Michigan ­ Ann Arbor, and a member of editorial board of several academic journals, including Economic Management Journal, Corporate Governance: An International Review and Pacific-Basin Finance Journal. Ms. Lu has published 47 papers in top authoritative academic journals, such as Journal of Finance, Management Science, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Review of Economics and Statistics and Review of Finance and Journal of Corporate Finance.

Besides, Ms. Lu has presided over 18 research projects, including key projects funded by Tsinghua University, the Ministry of Education, National Natural Science Foundation of China, People's Bank of China, Ministry of Industry and Information Technology of the People's Republic of China and State-owned Assets Supervision and Administration Commission of the State Council. Ms. Lu independently published a monograph titled Company Mergers and Reorganizations. Ms. Lu obtained a bachelor's degree in economics from Central University of Finance and Economics in 2000, a master's degree in statistics from Stern School of Business, New York University in 2003 and a doctor's degree in business economics from Ross School of Business, University of Michigan ­ Ann Arbor in 2009.

Ms. Lu has entered into a service contract with the Company for a term of one year commencing from 29 May 2023, subject to retirement by rotation and re-election at the annual general meeting of the Company in accordance with the articles of association of the Company.