QuantaSing Announces Board Director Changes “`

January 22, 2025 by No Comments

BEIJING, Jan. 21, 2025 — QuantaSing Group Limited (NASDAQ: QSG) (“QuantaSing” or the “Company”), a leading lifestyle solutions provider focused on enhancing the well-being and longevity of adults, today announced board of director changes.

The Company received Mr. Chenyang Wei’s resignation, effective January 21, 2025, due to personal reasons unrelated to any company disagreements regarding operations, policies, or practices. Mr. Wei confirmed the absence of any disagreements with the Board and no shareholder-relevant matters concerning his resignation.

Mr. Shunyan Zhu accepted an appointment as a new independent director, effective January 21, 2025, serving on the Board and the Audit Committee.

Mr. Shunyan Zhu’s background is as follows:

Since March 2020, Mr. Zhu has served as executive director and chairman of Alibaba Health Information Technology Ltd. (SEHK: 00241, “Alibaba Health”), currently chairing its nomination committee. From March 2020 to November 2023, he was Alibaba Health’s CEO. He’s an Alibaba Partnership member and previously served as President of the Innovation Initiatives Segment for Alibaba Group Holding Limited (NYSE: BABA; SEHK: 9988; together with its subsidiaries, “Alibaba Group”), the ultimate controlling shareholder of Alibaba Health. He was a director of Meinian Onehealth Healthcare Holdings Co., Ltd. (SZSE: 2044) from May 2020 to October 2021. Before joining Alibaba Group, he founded Wuhan Xuncai Technology Co., Ltd. in 2003. He joined UC Browser’s founding team in 2007 as senior vice president, overseeing marketing and commercialization. His subsequent roles included president of Alimama Business Group (Alibaba Group’s leading big data marketing platform), president of UC Browser, and president of the Intelligent Information Business Group. Mr. Zhu holds a 1993 Bachelor of Science in mathematics from Yanshan University (PRC) and a 1996 master’s degree in computing software from Huazhong University of Science and Technology (PRC).

Following these changes, the Board comprises four directors (Mr. Peng Li, Mr. Frank Lin, Mr. Dong Xie, and Ms. Xihao Liu) and three independent directors (Mr. Hongqiang Zhao, Ms. Pei Hua (Helen) Wong, and Mr. Shunyan Zhu). The Audit Committee consists of the three independent directors.

Safe Harbor Statements

This announcement includes forward-looking statements under Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1955. Statements beyond historical or current facts are forward-looking, including those regarding QuantaSing’s financial outlook, beliefs, and expectations. Such statements, identifiable by terms like “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance,” and similar expressions, include the Financial Outlook. Forward-looking statements may appear in SEC filings, annual shareholder reports, press releases, written materials, and oral statements by officers, directors, or employees. These statements involve inherent risks and uncertainties. Factors that could significantly affect actual results include: growth strategies; future business development, results of operations, and financial condition; ability to attract and retain users and learners, increase user spending and revenue; maintaining brand recognition and reputation; market demand and acceptance of services and products; market growth, trends, and competition; revenue changes and cost or expense items; PRC government policies and regulations; general economic and political conditions in China and globally; and underlying assumptions. Further information on these and other risks is in SEC filings, including the January 24, 2023, IPO prospectus. Do not place undue reliance on forward-looking statements, which reflect only the date of this release. This cautionary statement qualifies all forward-looking statements, and the Company has no obligation to update them.

About QuantaSing Group Limited

QuantaSing is a leading lifestyle solutions provider dedicated to helping adults live better and longer. Utilizing its deep understanding of adult users and strong infrastructure, QuantaSing provides accessible, affordable, and user-friendly online courses and consumer products/services addressing senior wellness needs.

For more information, please visit: https://ir.quantasing.com.

Contact

Investor Relations
Leah Guo
QuantaSing Group Limited
Email: ir@quantasing.com
Tel: +86 (10) 6493-7857

Robin Yang, Partner
ICR, LLC
Email: QuantaSing.IR@icrinc.com
Phone: +1 (212) 537-0429