SHENZHEN, China, July 17, 2024 /PRNewswire/ -- BAIYU Holdings, Inc. ("BAIYU" or the "Company") (NASDAQ:BYU), a leading B2B bulk commodity e-commerce platform and supply chain service provider, today announced that its board of directors (the "Board") has appointed Ms. Rongrong (Rita) Jiang as the successor to Mr. Xiangjun Wang to serve as an independent director, and a member of the Audit Committee of the Board (the "Audit Committee"), the Compensation Committee of the Board (the "Compensation Committee"), and the Nominating and Governance Committee of the Board, respectively, effective July 15, 2024.

Ms. Rongrong (Rita) Jiang has over a decade of expertise in entrepreneurship, senior executive management, corporate finance, management consulting, and venture capital investment. As a founding partner of Ginger Capital LLC since April 2011, Ms. Jiang has been instrumental in providing comprehensive investment and strategic advisory services, focusing on market expansion, cross-border M&A, financial reporting, IPO preparation, and strategic partnerships. Additionally, she serves as the Chief Financial Officer for Broad Capital Acquisition Corp, a NASDAQ-listed blank check company. Ms. Jiang co-founded Whitestone Investment Management LLC in April 2015, where she leads early-stage venture investments in technology companies worldwide, fostering cross-border collaborations and mentoring startups. Her previous roles include being a director at Woodlake Group, Executive Vice President of Finance at V Media Corp., and Vice President at Hayden Communications International. Ms. Jiang has also held board positions at Bionik (China) Medical Technology Co., Ltd, and Jade International Financing and Leasing Co., Ltd. She holds a CFA charter, a Bachelor of Science from the University of Science and Technology of China, and a Master of Science in Chemistry from Northwestern University, Chicago.

Ms. Renmei Ouyang, Chief Executive Officer of the Company, commented: "On behalf of the Board and the management team, I would like to thank Mr. Xiangjun Wang for his tremendous efforts as the independent director of Board and member of the respective committees. At the same time, we warmly welcome Rita to join us and are confident that her demonstrated expertise, extensive experience and deep insight in the capital markets will be invaluable to the Company. We firmly believe that the new appointment is not only crucial but pivotal for enhancing our company's transparency and bolstering our public image."

Ms. Rongrong (Rita) Jiang, the independent director of the Board, stated, "I am delighted to join BAIYU. I look forward to working closely with the management team and respective committees to sustain financial prudence and compliance, fair and attractive compensation, health and robust governance, to drive growth, profitability and create more values for the Company's shareholders."

About BAIYU Holdings, Inc.

BAIYU Holdings, Inc. (NASDAQ:BYU) is a leading B2B bulk commodity e-commerce platform and supply chain service provider. Currently, the Company is focused on expanding its new business in photovoltaic, energy storage power, and fast-charging power stations, along with services for the new energy industry. The Company's business involves investing in fast-charging power stations, commercial power stations, and offering integrated new energy solutions and operations that encompass photovoltaic, energy storage, and fast-charging power stations. It offers comprehensive solutions and operations for global new energy storage systems and specialized sectors. With a central focus on new energy and an orientation towards integrated power systems, the Company is dedicated to fields like clean energy, smart power, intelligent photovoltaic, and the operation and maintenance of fast-charging station outlets. For more information, please visit www.baiyuglobal.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "approximates," "assesses," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

BAIYU Holdings, Inc.

Investor Relations Department

Email: ir@baiyuglobal.com

Ascent Investor Relations LLC

Tina Xiao

President

Phone: +1-646-932-7242

Email: investors@ascent-ir.com

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SOURCE BAIYU Holdings, Inc.

BAIYU Appoints New Independent Director