The board of directors of Kong Sun Holdings Limited hereby announced that Mr. Jin Yanbing has tendered his resignation as an executive Director and ceased to be the chairman of the Board of the Company with effect from 25 November 2022, in pursuit of his personal career development. The Board announced that, Mr. Xian He has been appointed as an executive Director with effect from 25 November 2022. The biographical details of Mr. Xian are set out at as following: Mr. Xian He aged 34, joined the Group as manager of the president's office in May 2014.

Since then, he worked in various positions in the Company and its subsidiaries. Currently, Mr. Xian is a director of the following subsidiaries of the Group, including Guangzhou Baoqian Internet Microfinance Limited, Qiangmao Energy Eerduosi Limited and Beijing Runfeng Yuanda Microfinance Limited. He is also the senior vice president of the Company.

Mr. Xian has over 12 years of experience in corporate management. He obtained a bachelor degree in automation in Central South University in 2010. Following Mr. Jin's resignation as an executive Director with effect from 25 November 2022, he ceased to be a member of each of the nomination committee of the Board (the "Nomination Committee") and the Remuneration Committee.

Mr. Jiang Hengwen, a non-executive Director of the Company, has been appointed as the Chairman with effect from 25 November 2022.