ZW Data Action Technologies Inc. announced that on May 4, 2023, Mr. Mark Li resigned as Chief Financial Officer and Secretary. Mr. Li's resignation became effective on May 4, 2023. Mr. Li's resignation as Chief Financial Officer and Secretary of the Company did not arise from any disagreement with the Company or any matter relating to the Company's operations, policies or practices.

On the same date, the board of directors of the Company, by unanimous written consent, appointed Mr. Handong Cheng, Chief Executive Officer of the Company, to serve as Acting Chief Financial Officer and Secretary of the Company.