Niu Technologies has received notice of resignation from Mr. Carl Chuankai Liu, who will cease his services to the company, including as the vice president of design, but will be serving as a special consultant of the board of directors of the Company, effective February 18, 2022. In addition, the board of directors of the company has promoted Mr. Kai Yang as the new vice president of design and promoted Mr. Bin Zhou as the vice president of product, both effective February 18, 2022. Since joining the Company in 2014, Mr. Kai Yang has been working closely with Carl Chuankai Liu on design of all products as a member of the founding team and a senior director of design.

Prior to joining NIU, he worked at several firms, including Idea Dao Design with Carl Chuankai Liu. Mr. Bin Zhou has joined the Company and served as its senior director of product since 2021. Mr. Zhou has over 20 years of experience in motorcycle product development starting at Honda Sundiro in 1999.

Mr. Zhou was the managing director at several engineering and design firms, providing product solutions for clients including Honda, Yamaha and Kymco.