On July 26, 2021, the board of director of Li Auto Inc. approved Xiang Li’s resignation from the audit committee of the company. Li continues to serve as the chairman of the board of directors and chief executive officer of the company. After the change, the audit committee consists of two members, Hongqiang Zhao as the chairman and Zheng Fan, and both are independent directors in compliance with Rule 10A-3 of the United States Securities Exchange Act of 1934 and the corporate governance rules of the Nasdaq Stock Market Rules on audit committee independence. The company currently relies on home country practice to be exempted from the requirement of the Nasdaq Stock Market Rules that the audit committee must have a minimum of three members. Upon the listing of the company’s class A ordinary shares on the main board of the Stock Exchange of Hong Kong Limited, the audit committee will consist of three members, Hongqiang Zhao as the chairman, Zhenyu Jiang, and Xing Xiao, all of whom will be independent directors in compliance with Rule 10A-3 and the Nasdaq Audit Committee Independence Requirements.