{"url_path":"/sec/epow/10-k/2026/item-6","section_key":"item-6","section_title":"Item 6 ** **DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1780731/0001213900-26-056928-index.html","accession_number":"0001213900-26-056928","cik":"0001780731","ticker":"EPOW","issuer_name":"E-Power Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1780731/0001213900-26-056928-index.html","primary_entity_key":"0001780731","primary_entity_name":"E-Power Inc."},"word_count":3862,"has_tables":true,"body_markdown":"**ITEM 6.** **DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**\n\n \n\n**A.** **Directors and Executive Officers**\n\n \n\nThe following table sets forth information regarding\nour directors and executive officers as of the date of this annual report.\n\n \n\n**Directors and Executive Officers**\n \n**Age**\n \n**Position/Title**\n\nHaiping Hu\n \n58\n \nChief Executive Officer\n(“CEO”), Chairman of the Board of Director (“Chairman”)\n\nChao Liu\n \n45\n \nChief Financial Officer (“CFO”), Director\n\nXiang Luo\n \n55\n \nIndependent Director\n\nMang Wong(1)\n \n47\n \nIndependent Director\n\nXin Zhang\n \n37\n \nIndependent Director\n\n \n\n(1)Mr. Mang Wong was appointed as an independent director, effective March 11, 2026. The above table does\nnot include Mr. Jian Pei, who resigned as an independent director of the Company and as a member of each of the audit committee, the compensation\ncommittee, and the nominating and corporate governance committee of the board of directors, effective March 11, 2026. The board of directors\nappointed Mr. Mang Wong to serve as an independent director of the Company and as a member of each of the audit committee, the compensation\ncommittee, and the nominating and corporate governance committee, effective March 11, 2026.\n\n** **\n\n**Mr. Haiping Hu**has been our CEO and Chairman\nsince February 2019, and he has served as CEO and Chairman of the VIE since December 2014. From August 2004 to January 2018, he was CEO\nand Vice Chairman of Shanshan Holdings Co., Ltd, which is mainly engaged in the production of lithium-ion battery parts, such as lithium-ion\ncapacitors, battery pack, and charging pile, and providing new energy services such as new energy vehicle operation and energy management\nservices, etc. From January 1996 to July 2004, he served as Vice President of Shanshan Group Co., Ltd. Since 2002, Shanshan Holdings Co.,\nLtd. has ranked among the top 500 Chinese companies in successive years. Mr. Hu holds a bachelor’s degree in Chemical Automation\nand a master’s degree in Chemical Engineering from Zhejiang University. Nicknamed “General Hu Haiping on Horseback,”\nMr. Hu has more than 20 years of experience as founder and executive, and is a well-known entrepreneur in China.\n\n \n\n**Ms. Chao Liu** has served as our CFO since\nFebruary 2019, and as the CFO of the VIE since January 2016. She has also served as our director since June 8, 2023. From June 2012 to\nJune 2015, she was the head of the accounting department of Beijing Meanfang Institute of Physics and Technology, which is engaged in\nmanufacturing gas instruments that are widely used in petrochemical, cement, chemical fertilizer, agriculture, military, medical, environmental\nprotection, scientific research and other fields, Beijing Meanfang Spectrum Technology Co., Ltd., which is engaged in manufacturing and\nselling spectrum instruments, and Beijing Zhongchuang Technology Co., Ltd., which is engaged in providing interactive marketing technology\nsolutions for brand customers and advertising agents. From May 2008 to December 2015, she was the comptroller of Beijing Hongri Dongsheng\nDecoration Co., Ltd., which provides decoration services to customers and Beijing Sunshine Season Network Technology Company, which provides\nnetwork maintenance services to its customers. From November 2003 to November 2014, she served as supervisor of the accounting department\nof Beijing Haixinyuan Food Co., Ltd. which is engaged in the manufacture and sale of cold candies, pastries and cold drinks and Beijing\nHaixinyuan Guest House Co., Ltd., which provides hoteling services to its customers. Ms. Liu studied finance at Beijing Language and Culture\nUniversity and graduated in January 2016. She has a strong understanding of international accounting and tax policies.\n\n \n\n**Mr. Xiang Luo**was appointed as our director\non March 11, 2022. Mr. Luo holds a PhD in Business Administration from Bulacan State University in Philippines, and has over twenty years\nof experience working at various senior positions at the United Nations and other international organizations, including the International\nEconomic Development Council. Since June 2020, Mr. Luo has served as the co-chair of Global Steering Committee of Carbon Neutral Action\n(GSCCNA), an international non-governmental organization that provides strategic advice on special purpose financing, green technical\nand systematic solutions to achieving the Sustainable Development Goals (SDG) under the United Nations’ sustainable development\nagenda and climate change planning. From November 2014 to December 2019, Mr. Lou served as the head of the China Office of the United\nNations Office for Project Services (UNOPS), responsible for the overall coordination of strategic planning, project financing and management,\nteam capacity building, public advocacy, risk management and performance evaluation, of various projects.\n\n \n\n**Mr. Mang Wong**was appointed as our director\non March 11, 2026. He has served as the research and development director of Shenzhen Harding Energy Co., Ltd. since October 2013, where\nhe is responsible for operations, research and development, and production management. Mr. Wong obtained a college diploma in mechatronics\nfrom Hong Kong Commerce College in 1996. \n\n \n\n**Mr. Xin Zhang** has served as our director\nsince February 8, 2024. He has served as the Director of Risk Control at Albamen Capital Partners since June 2020. Mr. Xin Zhang served\nas the Risk Control Manager at CPE Capital Partners (London/ Paris) from March 2017 to May 2020, and served as the Head of Investment\nTeam (UK) at CGN Europe Energy (London/Paris) from January 2013 to January 2017. Mr. Xin Zhang holds a Bachelor of Science from Zhejiang\nUniversity in PRC, an MBA from the Freeman School of Business, Tulane University in USA, and a Master in Finance from the London Business\nSchool in London, UK.\n\n \n\n85\n\n \n\n \n\nBoard Diversity\n\n \n\nThe table below provides certain information regarding\nthe diversity of our board of directors as of the date of this annual report.\n\n \n\nBoard Diversity Matrix\n\nCountry of Principal Executive Offices \n China \n\nForeign Private Issuer \n Yes  \n\nDisclosure Prohibited under Home Country Law \n No  \n\nTotal Number of Directors \n 5 \n\n \n\n  \nFemale  \nMale  \nNon- Binary  \nDid Not\nDisclose\nGender \n\nPart I: Gender Identity \n    \n    \n    \n   \n\nDirectors \n 1  \n 4  \n -  \n - \n\nPart II: Demographic Background \n    \n    \n    \n   \n\nUnderrepresented Individual in Home Country Jurisdiction \n -  \n -  \n -  \n - \n\nLGBTQ+ \n -  \n -  \n -  \n - \n\nDid Not Disclose Demographic Background \n -  \n -  \n -  \n - \n\n \n\n**Family Relationships**\n\n \n\nNone of our directors or executive officers has\na family relationship as defined in Item 401 of Regulation S-K.\n\n \n\n**B.** **Compensation of Directors and Executive Officers**\n\n \n\nThe following table sets forth certain information\nwith respect to compensation for the fiscal year ended December 31, 2025, earned by or paid to our chief executive officers.\n\n \n\n**Summary Compensation Table**\n\n \n\nName and Principal Position \nYear  \n\n**Salary**\n\n**(US$)**\n  \nBonus\n(US$)  \n\n**Stock**\n\n**Awards (US$)**\n  \nOption\nAwards\n(US$)  \nNon-Equity\nIncentive Plan\nCompensation  \nDeferred\nCompensation\nEarnings  \nOther  \nTotal\n(US$) \n\n  \n   \n   \n   \n   \n   \n   \n   \n   \n  \n\nHaiping Hu \n 2025  \n 92,084  \n -  \n 210,118  \n    -  \n     -  \n -  \n -  \n 302,202 \n\nCEO of the Company and the VIE \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nChao Liu \n 2025  \n 40,263  \n -  \n 21,715  \n -  \n -  \n -  \n -  \n 61,978 \n\nCFO and Director of the Company and the VIE \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nJian Pei \n 2025  \n -  \n -  \n 5,429  \n -  \n -  \n -  \n -  \n 5,429 \n\nIndependent Director of the Company \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nXiang Luo \n 2025  \n -  \n -  \n 5,429  \n -  \n -  \n -  \n -  \n 5,429 \n\nIndependent Director of the Company \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nXin Zhang \n 2025  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n - \n\nIndependent Director of the Company \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\n** **\n\n86\n\n \n\n \n\n**2022 Share Incentive Plan**\n\n \n\nOur board of directors adopted the 2022 Stock\nIncentive Plan (the “2022 Plan”) in July 2022, effective as of July 11, 2022, to attract and retain the best available personnel,\nprovide additional incentives to employees, directors and consultants and promote the success of our business. Under the 2022 Plan, the\nmaximum aggregate number of shares that may be issued pursuant to all awards is 3,679,200 Class A Ordinary Shares.\n\n \n\nAs of the date of this annual report, we\nhave issued 3,097,950 Class A Ordinary Shares to qualified persons under the 2022 Plan.\n\n \n\nThe following describes the principal terms of\nthe 2022 Plan.\n\n \n\nTypes of awards\n\n \n\nThe 2022 Plan permits the awards of cash, restricted\nstock units, share options, or any similar securities with a value derived from the value of or related to the Class A Ordinary Shares\nand/or returns thereon.\n\n \n\nPlan Administration\n\n \n\nOur board of directors or a committee of one or\nmore members of the board of directors administers the 2022 Plan. The committee or the full board of directors, as applicable, will determine\nthe participants to receive awards, the type and number of awards to be granted to each participant, and the terms and conditions of each\naward grant.\n\n \n\nAward Agreement\n\n \n\nEach award granted under the 2022 Plan is evidenced\nby an award agreement that sets forth terms, conditions and limitations, which may include the provisions applicable in the event the\ngrantee’s employment or service terminates, and our authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind\nthe award.\n\n \n\nEligibility\n\n \n\nWe may grant awards to our employees, directors\nand consultants of our Company, and other individuals, as determined by the plan administrator.\n\n \n\nVesting Schedule\n\n \n\nIn general, the plan administrator determines\nthe vesting schedule, which is specified in the award agreement.\n\n \n\nExercise of Options\n\n \n\nThe plan administrator determines the exercise\nprice for each award, which is stated in the award agreement.\n\n \n\n**2024 Share Incentive Plan**\n\n** **\n\nOur board of directors and shareholders adopted\nthe 2024 Stock Incentive Plan (the “2024 Plan”) in February 2024, to attract and retain the best available personnel, provide\nadditional incentives to employees, directors and consultants and promote the success of our business. Under the 2024 Plan, the maximum\naggregate number of shares that may be issued pursuant to all awards is 2,613,000 Class A Ordinary Shares.\n\n \n\nAs of the date of this annual report, we have\nnot issued any awards under the 2024 Plan.\n\n \n\nThe following describes the principal terms of\nthe 2024 Plan.\n\n \n\nTypes of awards\n\n \n\nThe 2024 Plan permits the awards of cash, restricted\nstock units, share options, or any similar securities with a value derived from the value of or related to the Class A Ordinary Shares\nand/or returns thereon.\n\n \n\nPlan Administration\n\n \n\nOur board of directors or a committee of one or\nmore members of the board of directors administers the 2024 Plan. The committee or the full board of directors, as applicable, will determine\nthe participants to receive awards, the type and number of awards to be granted to each participant, and the terms and conditions of each\naward grant.\n\n \n\n87\n\n \n\n \n\nAward Agreement\n\n \n\nEach award granted under the 2024 Plan is evidenced\nby an award agreement that sets forth terms, conditions and limitations, which may include the provisions applicable in the event of the\ngrantee’s employment or service terminates, and our authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind\nthe award.\n\n \n\nEligibility\n\n \n\nWe may grant awards to our employees, directors\nand consultants of our Company, and other individuals, as determined by the plan administrator.\n\n \n\nVesting Schedule\n\n \n\nIn general, the plan administrator determines\nthe vesting schedule, which is specified in the award agreement.\n\n \n\nExercise of Options\n\n \n\nThe plan administrator determines the exercise\nprice for each award, which is stated in the award agreement.\n\n \n\n**Agreements with Named Executive Officers**\n\n \n\nWe enter into employment agreements with our executive\nofficers. Pursuant to employment agreements, we agree to employ each of our executive officers for a specified time period, which will\nbe renewed upon both parties’ agreement thirty days before the end of the current employment term. We may terminate the employment\nfor cause, at any time, without notice or remuneration, for certain acts of the executive officer, including but not limited to the commitments\nof any serious or persistent breach or non-observance of the terms and conditions of the employment, conviction of a criminal offense,\nwillful disobedience of a lawful and reasonable order, fraud or dishonesty, receipt of bribery, or severe neglect of his or her duties.\nAn executive officer may terminate his or her employment at any time with a two-month prior written notice. Each executive officer has\nagreed to hold, both during and after the employment agreement expires, in strict confidence and not to use or disclose to any person,\ncorporation or other entity without written consent, any confidential information.\n\n \n\n**C.** **Board Practices**\n\n \n\n**Board of Directors**\n\n \n\nOur board of directors consists of five directors.\n\n \n\n**Duties of Directors**\n\n \n\nAs a matter of Cayman Islands law, a director\nowes three types of duties to the company: (i) statutory duties, (ii) fiduciary duties, and (iii) common law duties. The Companies Act\n(Revised) of the Cayman Islands (the “Companies Act”) imposes a number of statutory duties on a director. A Cayman Islands\ndirector’s fiduciary duties are not codified, however the courts of the Cayman Islands have held that a director owes the following\nfiduciary duties (a) a duty to act in what the director bona fide considers to be in the best interests of the company, (b) a duty to\nexercise their powers for the purposes they were conferred, (c) a duty to avoid fettering his or her discretion in the future and (d)\na duty to avoid conflicts of interest and of duty. The common law duties owed by a director are those to act with skill, care and diligence\nthat may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company\nand, also, to act with the skill, care and diligence in keeping with a standard of care commensurate with any particular skill they have\nwhich enables them to meet a higher standard than a director without those skills. In fulfilling their duty of care to us, our directors\nmust ensure compliance with our amended articles of association, as amended and restated from time to time. We have the right to seek\ndamages where certain duties owed by any of our directors are breached.\n\n \n\n**Terms of Directors and Executive Officers**\n\n \n\nThe Company may by ordinary resolution elect any\nperson to be a director either to fill a casual vacancy or as an addition to the existing board of directors. Any director so appointed\nshall hold office until his death, resignation or removal. All of our executive officers are appointed by and serve at the discretion\nof our board of directors.\n\n \n\n**Qualification**\n\n \n\nThere is currently no shareholding qualification\nfor directors.\n\n \n\n**Insider Participation Concerning Executive\nCompensation**\n\n \n\nOur board of directors, which was comprised of\nfive directors, with the assistance of the Compensation Committee, makes all determinations regarding executive officer compensation.\n\n \n\n88\n\n \n\n \n\n**Committees of the Board of Directors**\n\n \n\nWe have established three committees under\nthe board of directors: the audit committee, the compensation committee and the corporate governance and nominating committee, and\nhave adopted a charter for each of the committees. Each committee’s members and functions as of the date of this annual report\nare described below.\n\n \n\n**Audit Committee.**Our audit committee,\nformed upon the closing of our IPO, consists of Mr. Xin Zhang, Mr. Xiang Luo and Mr. Mang Wong, with Mr. Xin Zhang serving as the chairman\nof our audit committee. We have determined that Mr. Xin Zhang, Mr. Xiang Luo and Mr. Mang Wong satisfy the “independence”\nrequirements of Section 5605(a)(2) of the Nasdaq Listing Rules and Rule 10A-3 under the Securities Exchange Act. Prior to our IPO, our\nboard also determined that Xin Zhang qualifies as an audit committee financial expert within the meaning of the SEC rules or possesses\nfinancial sophistication within the meaning of the Nasdaq Listing Rules. The audit committee oversees our accounting and financial reporting\nprocesses and the audits of the financial statements of our company. The audit committee is responsible for, among other things:\n\n \n\n \n●\nselecting the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;\n\n \n\n \n●\nreviewing with the independent auditors any audit problems or difficulties and management’s response;\n\n \n\n \n●\nreviewing and approving all proposed related-party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;\n\n \n\n \n●\ndiscussing the annual audited financial statements with management and the independent auditors;\n\n \n\n \n●\nreviewing major issues as to the adequacy of our internal controls and any special audit steps adopted in light of material control deficiencies;\n\n \n\n \n●\nannually reviewing and reassessing the adequacy of our audit committee charter;\n\n \n\n \n●\nsuch other matters that are specifically delegated to our audit committee by our board of directors from time to time;\n\n \n\n \n●\nmeeting separately and periodically with management and the independent auditors; and\n\n \n\n \n●\nreporting regularly to the full board of directors.\n\n \n\n**Compensation Committee.*** *Our\ncompensation committee, formed upon the closing of our IPO, consists of Mr. Xiang Luo, Mr. Xin Zhang and Mr. Mang Wong. Mr. Xin Zhang\nis the chairman of our compensation committee. The compensation committee assists the board in reviewing and approving the compensation\nstructure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not\nbe present at any committee meeting during which his compensation is deliberated. The compensation committee is responsible for, among\nother things:\n\n  \n\n \n●\nreviewing and recommending to the board with respect to the total compensation package for our chief executive officer;\n\n \n\n \n●\napproving and overseeing the total compensation package for our executives other than the chief executive officer;\n\n \n\n \n●\nreviewing and making recommendations to the board with respect to the compensation of our directors; and\n\n \n\n \n●\nreviewing periodically and approving any long-term incentive compensation or equity plans, programs or similar arrangements, annual bonuses, employee pension and welfare benefit plans.\n\n \n\n89\n\n \n\n \n\n**Corporate Governance and Nominating Committee**.* *Our\ncorporate governance and nominating committee, formed upon the closing of our IPO, consists of Mr. Xin Zhang and Mr. Mang Wong. Mr. Xiang\nLuo is the chairman of our corporate governance and nominating committee. The nominating and corporate governance committee assists the\nboard of directors in selecting individuals qualified to become our directors and in determining the composition of the board and its\ncommittees. The nominating and corporate governance committee is responsible for, among other things:\n\n \n\n \n●\nidentifying and recommending to the board nominees for election or re-election to the board, or for appointment to fill any vacancy;\n\n \n\n \n●\nreviewing annually with the board the current composition of the board in light of the characteristics of independence, skills, experience and availability of service to us;\n\n \n\n \n●\nidentifying and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as well as the corporate governance and nominating committee itself;\n\n \n\n \n●\nadvising the board periodically with respect to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to the board on all matters of corporate governance and on any corrective action to be taken; and\n\n \n\n \n●\nmonitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.\n\n \n\n**D.** **Employees**\n\n \n\nSDH had 25, 17 and 17 full-time employees as of December 31, 2023,\n2024 and 2025, respectively. As of May 14, 2026, SDH had 17 full-time employees. SDH had 7 and 10 employees located in Zibo and Beijing,\nrespectively. The following table sets forth the numbers of our employees by areas of business as of May 14, 2026:\n\n \n\nDepartment \nNumber of Employees \n\nSenior Management \n 5 \n\nHuman Resources & Administration \n 4 \n\nBusiness & Consulting \n 1 \n\nCustomer Service \n 1 \n\nInformation Technology \n 1 \n\nResearch & Development \n 1 \n\nFinance \n 4 \n\nTotal \n 17 \n\n \n\nSunrise Guizhou had 273, 270 and 254 employees as of December 31, 2023,\n2024 and 2025 respectively. As of May 14, 2026, Sunrise Guizhou had 249 full-time employees. The following table sets forth the numbers\nof Sunrise Guizhou’s employees by areas of business as of May 14, 2026.\n\n \n\nDepartment \nNumber of Employees \n\nSenior Management \n 7 \n\nHuman Resources & Administration \n 13 \n\nResearch  Development & Analysis \n 28 \n\nManufacturing & Equipment \n 125 \n\nQuality Control \n 17 \n\nWarehouse & Operation \n 38 \n\nEngineering & Construction \n 10 \n\nSupply Chain \n 4 \n\nInformation Technology \n 4 \n\nSales & Marketing \n 3 \n\nTotal \n 249 \n\n \n\n90\n\n \n\n \n\nGenerally, we enter into standard employment\ncontracts with our officers, managers, and other employees. According to these contracts, all of our employees are prohibited from\nengaging in any other employment during the period of their employment with us. None of our employees are members of a labor union\nand we consider our relationship with our employees to be good.\n\n \n\n**E. Share Ownership**\n\n \n\nExcept as specifically noted, the following table\nsets forth information with respect to the beneficial ownership of our Ordinary Shares as of the date of this annual report by:\n\n  \n\n \n●\neach of our directors and executive officers; and\n\n \n\n \n●\neach of our principal shareholders who beneficially own more than 5% of our total outstanding Ordinary Shares.\n\n \n\nThe calculations in the table below are based\non 38,729,250 Ordinary Shares outstanding as of the date of this annual report, including 32,161,978 Class A Ordinary Shares and 6,567,272\nClass B Ordinary Shares.\n\n \n\nBeneficial ownership is determined in accordance\nwith the rules and regulations of the SEC. In computing the number of shares beneficially owned by a person and the percentage ownership\nof that person, we have included shares that the person has the right to acquire within 60 days, including through the exercise of any\noption, warrant or other right or the conversion of any other security. These shares, however, are not included in the computation of\nthe percentage ownership of any other person.\n\n \n\nName and Address of Beneficial Owner* \nClass A Ordinary Shares Beneficially Owned*  \nClass B\nOrdinary\nShares\nBeneficially\nOwned*  \nTotal Ordinary Shares Beneficially Owned*  \n% of Total Ordinary Shares  \n% of Aggregate Voting Power \n\nDirector and Executive Officers: \n   \n   \n   \n   \n  \n\nHaiping Hu (1) \n 2,540,789  \n 6,567,272  \n 9,108,061  \n 23.52  \n 81.88 \n\nChao Liu \n 272,176  \n -  \n 272,176  \n 0.70  \n 0.17 \n\nMang Wong \n -  \n -  \n -  \n -  \n - \n\nXiang Luo \n 50,000  \n -  \n 50,000  \n 0.13  \n 0.03 \n\nXin Zhang \n -  \n -  \n -  \n -  \n - \n\nDirectors and Executive Officers as a group (5 persons) \n 2,862,965  \n 6,567,272  \n 9,430,237  \n 24.35  \n 82.08 \n\n5% Beneficial Owners** \n    \n    \n    \n    \n   \n\nHaiping Hu, GMB Wisdom Sharing Platform Co., Ltd. (1) \n 2,540,789  \n 6,567,272  \n 9,108,061  \n 23.52  \n 81.88 \n\nGMB Culture Communication Co., Ltd. (2) \n 2,213,988  \n -  \n 2,213,988  \n 5.72  \n 1.35 \n\nGMB Resource Services Co., Ltd (3) \n 2,018,586  \n -  \n 2,018,586  \n 5.21  \n 1.23 \n\n \n\n*\nUnless otherwise indicated, the business address of each of the individuals is Room 703, West Zone, R&D Building, Zibo Science and Technology Industrial Entrepreneurship Park, No. 69, Sanying Road, Zhangdian District, Zibo City, Shandong Province, The PRC.\n\n \n\n**\nThe principal office of each of the 5% beneficial owners are located at Start Chambers, Wickham’s Cay II, P.O. Box 2221, Road Town, Tortola, British Virgin Islands.\n\n \n\n(1)\nHaiping Hu, our CEO and chairman of the Board, beneficially owns 9,108,061 Ordinary Shares, including 2,540,789 Class A Ordinary Shares and 6,567,272 Class B Ordinary Shares. 1,935,200 Class A Ordinary shares are directly held by Mr. Hu, while 605,589  Class A Ordinary Shares and 6,567,272 Class B Ordinary Shares are held through his 100% ownership of GMB Wisdom Sharing Platform Co., Ltd.\n\n \n\n(2)\nRepresenting 2,213,988 Class A Ordinary Shares held by GMB Culture Communication Co., Ltd, a British Virgin Islands company. Ertao Zhao, Yidong Zhang, Xiaoli Chen serve as the directors of GMB Culture Communication Co., Ltd. and share the dispositive and voting power of the shares held by GMB Culture.\n\n \n\n(3)\nRepresenting 2,018,586 Class A Ordinary Shares Held by GMB Resource Services Co., Ltd., a British Virgin Islands company. Chenming Qi and Cunyou Li, Jinhai Ying, Gesheng Fei, each of whom serves as a director of GMB Resource Services Co., share the dispositive and voting power of the shares held by GMB Resources.\n\n \n\nWe are not aware of any arrangement that may,\nat a subsequent date, result in a change of control of our company.\n\n \n\n91"}