The board of directors of Huafang Group Inc. together with its subsidiaries, announced the appointment of Mr. Lei Zhao as the chief financial officer of the Company with effect from February 10, 2023. Mr. Lei Zhao, aged 40, has over 18 years of experience in finance and accounting. Prior to joining the Group, Mr. Zhao served as the chief financial officer of NaaS Technology Inc., a company listed on NASDAQ from June 2022 to September 2022 and as a vice president of finance of Newlinks Technology Limited from May 2021 to September 2022.

Mr. Zhao also served as the senior financial director and then as the general manager of capital markets at Lexin., a company listed on NASDAQ (ticker: LX) from 2016 to 2021. He was the senior director of YeePay from 2014 to 2016 and was in charge of operation analysis and capital markets. Mr. Zhao was the general manager of finance at Plateau Capital in 2014.

From 2011 to 2013, Mr. Zhao worked at Chinex Medical limited as its director of accounting. From 2008 to 2011, Mr. Zhao was a senior financial manager at Global Education & Technology Group, a company listed on NASDAQ (ticker: GEDU) and worked in the audit division of PricewaterhouseCoopers from 2004 to 2008. Mr. Zhao graduated from the University of International Business and Economics in Beijing with a bachelor's degree in accounting.

He has enrolled in the Executive Master of Business Administration (EMBA) program of China Europe International Business School since November 2022. Mr. Zhao is a certified public accountant in the U.S. and a certified management accountant.