China Rapid Finance Limited announced the execution of a set of agreements on May 5, 2020 with Yong Bao Two Ltd. (‘YBT'), the parent company of SOS Information Technology Co. Ltd. (‘SOS') via a variable interest entity (‘VIE'), the shareholders of YBT (‘YBT Shareholders'), eight sophisticated investors introduced by YBT (the ‘Purchasers,' collectively with the YBT Shareholders as the ‘Investors') and True North Financial, LLC (‘True North'). Upon the closing, YBT will become a wholly owned subsidiary of the Company.

YBT, through its consolidated subsidiaries, is a significant player in the emergency rescue business providing emergency healthcare services, emergency roadside assistance, emergency living assistance, and other rescue services in China. Dr. Zane Wang will be leaving as Chairman, CEO and as a member of the company's board of directors. He will be focusing on the winding down of the P2P business in China and the ‘Wealth Sharing' program.

The company will end the previous cooperation agreement with Hongkong Outjoy Education Technology Co. Ltd. (‘OET') and cancel the unrealized warrants issued there under. Mr. Yandai Wang, CEO of SOS (no relation to Zane Wang) will be appointed as the executive chairman and CEO of the company.

Mr. Wang has over 20 years of industrial experience in emergency rescue, telecom and call center services. He has been a visionary leader in the emergency rescue industry in China which has experienced explosive growth in the past decade. Mr. Douglas Brown, an independent director of the Company, founder of Dlb Capital and former Vice Chairman-Investment Banking at Morgan Stanley, will be appointed as the Non-Executive Chairman of the Board of the company.

The company has also appointed two new independent directors nominated by YBT, Mr. Jonathan Zhang who serves as the Chairman of 5C Group International Asset Management and Mr. Wenbin Wu who serves as the Chairman of Shenzhen Rongde Investments Ltd. and Shenzhen Rongde Enterprise Management Advisory Company. Both new directors will join the company's Audit and Compensation Committees.