MOGU Inc. announced that: Mr. Yibo Wei (“Mr. Wei”) has resigned as a director of the Company due to personal reasons, effective April 19, 2023; and Mr. Xuqiang Yue (Mr. “Yue”) has resigned as a director of the Company and a member of the compensation committee (the “Compensation Committee”) of the board (the “Board”) of directors of the Company due to personal reasons, effective April 19, 2023. The Board further announced that: Ms. Qi Feng (“Ms. Feng”) has been appointed as a director of the Company and a member of the Compensation Committee, effective April 21, 2023; and Mr. Yiming Fan (“Mr. Fan”) has been appointed as a director of the Company, effective April 21, 2023. The Compensation Committee consists of two board members, Mr. Andrew Hong Teoh, who is an independent director of the Company and Ms. Qi Feng, who is an executive director of the Company.

The Company opts to follow its home country practice in lieu of the requirement under NYSE Section 303A.05(a) to have a compensation committee comprised entirely of independent directors. Ms. Qi Feng has served as financial controller since May 2021. Ms. Feng joined the Company in June 2013 as the director of the finance department and served as the assistant to the president of the Company from February 2018 to May 2021.

Prior to joining us, Ms. Feng worked at State Street Technology (Zhejiang) Co. Ltd. as the reporting manager from 2012 to 2013 and worked for over 6 years at PricewaterhouseCoopers Consultants (Shenzhen) Limited and KPMG Enterprise Consulting Co. Ltd. Ms. Feng received her bachelor's degree in mathematics in 2003 and master's degree in financing in 2006 from Zhejiang University.

Mr. Fan is currently serving as the chief executive officer of Company. He has been working at the Company since 2014, and served as a brand director, a vice president of marketing and a general manager of business prior to his appointment as the CEO. At his prior position, Mr. Fan was in charge of the Company's live video broadcast, platform operation, marketing, branding, public relations and other businesses.

At the same time, Mr. Fan serves as a visiting professor at Suzhou University and acted as the final judge of various international marketing communication awards. Prior to joining the Company, Mr. Fan worked at an advertising company for 5 years, which is a member of The American Association of Advertising Agencies. Mr. Fan graduated from Jiangsu Normal University, majoring in advertising.