The board of directors of Virscend Education Company Limited announced that Mr. Xu Ming has resigned as an executive Director and the chief executive officer of the company, and has ceased to be an authorised representative of the company. Ms. Xu Dayi has resigned as an independent non-executive Director, and a member of the audit committee the ‘Audit Committee', the remuneration committee the ‘Remuneration Committee' and the nomination committee the ‘Nomination Committee' of the company with effect from 15 November 2018 in order to pursue her other business commitment. The Board is pleased to announced that Mr. Deng Bangkai has been appointed as an executive Director, an Authorised Representative and the chief operating officer of the Company with effect from 15 November 2018; Mr. Wen Ruizheng has been appointed as an independent non-executive Director and a member of the Audit Committee, the Remuneration Committee and the Nomination Committee of the Company with effect from 15 November 2018; and Mr. Yan Yude an executive Director of the Company, has been appointed as the chief executive officer of the company with effect from 15 November 2018.

The biographical details of each of Mr. Deng, Mr. Wen and Mr. Yan are set out as follows: Mr. Deng Bangkai has over 13 years of experience in auditing and finance management. Mr. Deng started his career in Ernst & Young Hua Ming LLP Shenzhen Office in August 2005 and subsequently resigned in October 2018, where his last position was partner. Mr. Wen Ruizheng has over 50 years of experience in education industry.

Mr. Wen has excellent ability and abundant work experience in education management. Mr. Wen served as the secretary of the principal and the director of Students Affairs Office at Chengdu Experimental Foreign Languages School. Mr. Yan Yude was appointed as a Director on 13 March 2015 and was designated as an executive Director of the company on 31 August 2015.

Mr. Yan is also a controlling shareholder and a director of certain of the subsidiaries and the consolidated affiliated entities of the company. Mr. Yan has over 20 years of experience in business management and is responsible for the overall strategic development of the Group.