NEW YORK, July 12, 2024 — Lucas GC Limited (NASDAQ: LGCL) (“Lucas” or the “Company”), an artificial intelligence (the “AI”) technology-driven Platform-as-a-Service (the “PaaS”) company whose technologies have been applied to the human resources, insurance and wealth management industry verticals, announced that it has reached a strategic partnership agreement with Bank of Ningbo, one of the leading financial institutions in China, to develop AI solutions to enhance its wealth management business.

According to Bain & Company, the total size of high net-worth individual investable assets in China reached RMB 127 trillion in 2024. With total assets of RMB 2.711 trillion at the end of 2023, Bank of Ningbo considers wealth management to be one of its top strategic initiatives.

Lucas’ Large Language Model (LLM) based AI model, combined with industry-specific data, enhances advisor efficiency and productivity, leading to more meaningful client engagement in wealth management. For example, one of Lucas’ granted patents: Artificial Intelligence (AI) Enabled Prescriptive Persuasion Processes Based on Speech Emotion Recognition and Sentiment Analysis (U.S. patent 11,295,731), is capable of better assessing customer needs and improving the efficiency of customer service.

Howard Lee, Chief Executive Officer of Lucas, stated, “By analyzing industry-specific data, our generative AI and machine learning can deliver the best-action recommendations that will not only help lead generations but also increase the closing rate of transactions. I’m pleased that our technology can be effectively applied to the wealth management vertical.”

Ms. Ya Feng, the head of Wealth Management business of Bank of Ningbo Beijing Branch, commented, “Improving advisors’ productivity through Lucas’ AI technology will be mutually beneficial for both the bank and the client, as the bank becomes more effective at acquiring new clients and increasing the wallet share of existing clients, while the client receives better-suited recommendations on wealth management products based on their profile.”

About Lucas GC Limited

With 17 granted U.S. and Chinese patents and over 74 registered software copyrights in the AI, data analytics and blockchain technologies, Lucas GC Limited is an AI technology-driven Platform as a Service (PaaS) company with over 638,000 agents working on its platform. Lucas’ technologies have been applied to the human resources, insurance and wealth management industry verticals. For more information, please visit: .

About Bank of Ningbo

As a Sino-foreign publicly listed bank, Bank of Ningbo (002142.SZ) is one of the 19 systemically important banks in China. It currently operates in retail banking, wealth management, fund management and financial leasing, with over 28,000 employees. Bank of Ningbo ranked 82nd globally in “The Top 1,000 Banking Brands” by The Banker in 2023.

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