The board of directors of ZZ Technology Group Company Limited announced that Mr. Jiang Yulin, an executive Director and the chief executive officer of the Company, is currently under disciplinary and supervisory investigation, according to the information disclosed on the official website of the CPC Central Commission for Discipline Inspection and the National Supervisory Commission. To the best of the knowledge and belief of the Board, having made all reasonable enquiries, the disciplinary and supervisory investigation on Mr. Jiang has nothing to do with the Company. In order to ensure the normal operation of the Group and protect the rights and interests of the shareholders of the Company, the Directors believe that Mr. Jiang is no longer fit to serve as the executive Director and chief executive officer of the Company.

The Company sent a written notice to Mr. Jiang on 5 June 2022 to remove him as a director pursuant to Article 16.18(f) of the Company's amended and restated articles of association and terminate his duties as the executive Director and chief executive officer of the Company pursuant to his service agreement entered into with the Company with immediate effect. Accordingly, Mr. Jiang has been removed from his positions as the executive Director and chief executive officer of the Company with immediate effect from 5 June 2022. The Removal has no material impact on the Group.

The board announced that Mr. LIU Yang has been appointed as an executive Director and the chief executive officer of the Company with effect from 5 June 2022. Mr. Liu, aged 37, a certified public accountant in China, joined Zhongzhi Capital Management Company Limited, under the control of the holding company (as defined in the Rules Governing the Listing of Securities on the GEM of the Stock Exchange of the Company, as a Co-President in August 2013. He is a director of Dalian Kingwisoft Technology Co.

Ltd., a wholly-owned subsidiary of the Company since December 2020. Mr. Liu worked as a Senior Investment Manager for CSC Financial Co. Ltd. from April 2011 to July 2013 and as an Assistant Manager for KPMG Huazhen LLP from 2008 to 2011.

Mr. Liu has more than 10 years of experience in corporate management and investment, and is deeply engaged in the field of corporate services. He received a degree in management from Renmin University of China in 2008. Pursuant to the Articles of Association, Mr. Liu shall hold office until the forthcoming annual general meeting of the Company and be eligible for re-election.