On May 8, 2023, Mr. Minfei Bao notified UTime Limited of his intent to resign as Chief Executive Officer of the Company, effective immediately. On May 8, 2023,the Board of Directors adopted resolutions approving Mr. Hengcong Qiu as Chief Executive Officer, effective as of May 8, 2023, immediately following the resignation. 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.