On May 8, 2023, Mr. Min He notified UTime Limited (Company) of his intent to resign as a board member of the Company, effective immediately. On May 8, 2023, Mr. Weiyuan Wang notified the Company of his intent to resign as a board member of the Company, effective immediately. On May 8, 2023, Mr. Minfei Bao notified the company of his intent to resign as Chairman of the Company, effective immediately.

On May 8, 2023,the Board of Directors adopted resolutions approving Mr. Hengcong Qiu as chairman and Mr. Xiaoqian Jia and Minfei Bao as directors of the Board, effective as of May 8, 2023, immediately following the resignation of the three individuals. Mr. Hengcong Qiu, 38 years old, served as a Marketing VP of Shenzhen Radical Stone Weiye Fund Management Co. Ltd. between September 2020 to September 2021.

He was responsible for the fund raising business, sales management, branch and subsidiary management as well as partner institution management. Prior to that, Mr. Qiu served as a VP at Zhuhai Huiyin Chengyuan Investment Management Co. Ltd. from August 2017 until August 2020.

He was responsible for fund raising business as well as client management. From June 2015 to July 2017, Mr. Qiu served as Sales Director at Shenzhen Radical Stone Weiye Fund Management Co. Ltd. From December 2011 to August 2015, Mr. Qiu served as a Department Manager in Everbright Bank.

Mr. Qiu earned a bachelor's degree in Guangdong University of Technology in China and is currently enrolled in EMBA program in Tsinghua University. Pursuant to an employment agreement dated May 8, 2023 by and between the Company and Mr. Qiu, Mr. Qiu will serve as the CEO of the Company for a term of one year. Mr. Xiaoqian Jia, 40 years old, served as Chief Executive Officer of CORNS (Singapore)'s Thailand Operation Center since 2022.

From 2021 to 2022, Mr. Jia served as COO and operating director of YD PLASTICS. He formulated development and sales strategies, annual plans, and budgets for investment operations. Prior to YD PLASTICS, Mr. Jia served as CEO of Beijing Dynamic Future Technology Education Co.

between 2020 and 2021. From 2016 to 2018, Mr. Jia served as Chief Operating Officer of Harbin Wright Brothers Flight Technology Co. Ltd. As COO, Mr. Jia assisted the technical research and development department to improve simulators.

Mr. Jia also assisted in implementing product promotion and project implementation and completed the launch of 1000 simulation machines in the Chinese market. Mr. Jia earned a bachelor's degree in Electronic Computer Communication Engineering from Nanyang Technological University and a master's degree in Business Administration from University of Southampton. He is pursuing PhD degree of Business Administration in the Bangkokthonburi University.