The board of directors of Wisdom Sports Group announced that in order to focus her work on the Board of the Company and the strategic aspects of the Group, Ms. Ren Wen ("Ms. Ren"), an executive Director, the Chairlady of the Board of Directors, and the president of the Company (the "President") has stepped down from her current role as the President of the Company and will cease to act in this role with effect from 3 September 2020. Ms. Ren will remain as an executive Director and the Chairlady of the Board. Mr. Song Hongfei ("Mr. Song"), who is an executive Director and vice president of the Company, has been redesignated and will succeed Ms. Ren as the President of the Company with effect from 3 September 2020. Mr. Song will also remain as an executive Director of the Company following the re-designation.