The board of directors of Bairong Inc. announced that Mr. Li Qiang has tendered his resignation as a non-executive Director with effect from June 17, 2021, due to his desire to devote more time to his other commitments. The Board announced that Dr. Li Yao has been appointed as an independent non-executive Director with effect from June 17, 2021. Dr. Li, aged 52, has over 25 years of experience in the financial industry. Since 2016, Dr. Li has been the Regional Chief Investment Officer for East Asia and Pacific of International Finance Corporation of World Bank Group. He was also the Principal Investment Officer of the same company from 1999 to 2011. From 2015 to 2016, Dr. Li was the co-Chief Executive Officer of China Ping An Capital under China Ping An Insurance Group. From 2011 to 2015, he was the Chief Executive Officer of China-ASEAN Investment Cooperation Fund and the Chairman of the Investment Committee of China-ASEAN Fund Management Company.