Puyi Inc. announced that, with immediate effect, Ms. Yang Yuanfen (?Ms. Yang?), Vice President and Head of Finance Department of the Company, has been further appointed by the Company?s board of directors as the Chief Financial Officer of the Company (the ?CFO?), filling the vacancy left by the resignation of Mr. Hu Anlin (?Mr. Hu?), the former CFO and Vice President and a director of the Company. Ms. Yang has demonstrated financial expertise, project management skills, and effective leadership in various organizations and industries throughout her career. She has been serving as the Head of Finance Department of the Company since November 2010, where she leads various financial initiatives, including project investment and financing, internal control, and fund management.

She has also been serving as Vice President of the Company since July 2022, where she is responsible for the management of the finance department and compliance and risk control department. Prior to joining the Company, Ms. Yang served as finance manager and head of accounting in multiple companies. Mr. Zhang Jianjun, serving as an independent director of the Company and the member of the audit committee of the Company, was removed from the Board as of now, pursuant to Article 105(e) of the Articles of Association of the Company.

Following the foregoing changes, board of directors consists of five directors, two of which are independent directors, and is co-chaired by Mr. Ren Yong and Mr. Kong Youjie. The audit committee consists of two independent directors, Mr. Luo Jidong and Dr. Zhai Lihong, and is chaired by Mr. Luo Jidong. The current directors and executive officers as of the date of this press release are as follows: Ren Yong- Chairman of the board, Chief Executive Officer, Kong Youjie- Co-chairman of the board, Yang Yuanfen- Chief Financial Officer, Vice President, Head of Finance Department, Hu Yinan- Director, Luo Jidong- Independent Director, and Zhai Lihong- Independent Director.