Yong Bai Chao New Retail Corporation announced on May 26, 2022, the Board of the Company appointed Jianbao Huang, age 34, as the new Secretary of the Board of Directors to fill the vacancy created by Ms. Zhu's resignation. Mr. Huang has been engaged in equity investment, financing, and Mergers & Acquisition since 2013. Mr. Huang joined Yong Bai Chao New Retail (Shenzhen) Ltd. in April 2022 and the Company in May 2022.

Previously, Mr. Huang was an Investment Director at Junqi Capital Management (Shenzhen) Co. Ltd. from November 2021 to April 2022. Prior to that, Mr. Huang was an Investment Director at Shenzhen Yibai Network Technology Co.

Ltd. from March 2021 to August 2021. Mr. Huang was also an Investment Director at EEKA Fashion Holdings Limited from September 2018 to March 2021. Before that, he was an Investment Director at Qianhai Yixin (Shenzhen) Asset Management Co.

Ltd. from March 2017 to September 2018. Mr. Huang also worked at Oriental Wise Asset Management Co. Ltd. as a Project Manager from December 2014 to March 2017.

Mr. Huang graduated from Northwest Minzu University with a Bachelor degree in Law in 2013. Mr. Huang holds the Certificate of Board of Directors of Shenzhen Securities Exchange, China Securities Practice Qualification Certificate, China Equity Practice Qualification Certificate, China Fund Practice Qualification Certificate, and International Accountant Certificate. On May 25, 2022, Daquan Ma resigned from the Independent Director position of the Board, effective on May 25, 2022.

Mr. Ma did not advise the Company of any disagreement with the Company on any matter relating to its operation, policies, or practices. On May 26, 2022, the Board of Directors of the Company appointed Yanying Feng, age 37, as the new Independent Director to fill the vacancy created by Mr. Ma's resignation. Ms. Feng is currently an attorney at Guangdong Junyan Law Firm, and she has been working at Guangdong Junyan Law Firm since November 2013.

Ms. Feng has been practicing law for more than 12 years. Her primary practice areas include cross-border investments and commercial disputes. Ms. Feng obtained her Master degree in Civil and Commercial Law from Macau University of Science and Technology in 2009 and obtained her Bachelor degree in Law from Guangdong University of Finance and Economics in 2007.

Ms. Feng holds People's Republic of China Attorney Practice Certificate, Certificate of Qualification of Independent Director at Shenzhen Securities Exchange, and China Certificate of Qualification of Fund Practice. Ms. Feng is also a member of the Pioneer Talent Pool of Guangdong Foreign Practice Attorneys.