On April 29, 2024, Mr. Xuezhu Wang notified the Paranovus Entertainment Technology Ltd. of his resignation as the chief executive officer (the ?CEO?), effective April 29, 2024. To fill the vacant position of the CEO of the Company, created by the Mr. Wang, on April 29, 2024, the Nominating Committee recommended, and the Board appointed, Ms. Xiaoyue Zhang to serve as the new CEO of the Company, effective April 29, 2024. Ms. Xiaoyue Zhang has extensive experience in management.

She was the founder of Zeo Creation LLC and was in charge of its management and operation from January 2019 to April 2024. From July 2019 to December 2023, she was the assistant to the chairman of PX Global Advisors, LLC, where she was responsible for the project management. From August 2020 to January 2022, Ms. Zhang served as a director at Hudson Capital Inc. (now known as Freight Technologies Inc.).

From March 2022 to December 2023, she was the vice president of NY Swap Holding Ltd., where she focused on office management. Ms. Zhang obtained her bachelor?s degree in business Japanese from Zhengzhou University in 2011, and her master?s degree in marketing from Pace University in 2016. To fill the vacancy resulting from Mr. Wang?s resignation, on April 29, 2024, the Nominating Committee recommended, and the Board appointed, Ms. Minzhu Xu to serve as the Chairperson of the Company, effective April 29, 2024.

Ms. Xu is the sole shareholder of Happy Group Inc., which holds all the Class B ordinary shares, par value $0.01 each, of the Company, representing approximately 63.5% of the total voting power of the Company. Ms. Xu has extensive experience in advertising, marketing and public relations. She has been a retail investor since November 2022, researching and analyzing market trends and economic indicators to secure investment opportunities to realize financial growth.

From April 2018 to October 2022, Ms. Xu was the private equity partner of Hanfor Capital Management Ltd., where she was responsible for identifying and assessing potential investment opportunities. From November 2011 to March 2018, she was the PR director at Fleishman Hillard PR Agency, where she designed annual public relations and communication plan, developed business overview, and controlled the overall progress of projects. From October 2007 to October 2012, she was the PR director at Ogilby and Mather, where she led proposals for new clients?

brand promotions, integrated and managed resources to analyze project objective. Ms. Xu obtained her bachelor?s degree in history from Nanjing Normal University in 2003. Ms. Xu obtained her master?s degree in communication from Peking University in September 2007.