Du Jun Appointed CEO of New Fire Technology, Enabling Diversification of Digital Asset Business

New Fire Technology Holdings Limited ("New Fire Technology" or the "Company", stock code: 1611.HK) announces that Mr. Wu Shupeng has decided to resign as an executive director and chief executive officer due to his intention to pursue other business development. Meanwhile, Mr. Du Jun has been appointed as the Executive Director and Chief Executive Officer of the Company and will lead Xinhuo Technology to further diversify its digital asset business in the future. The above changes will be effective from November 30, 2022.

As an early evangelist, serial entrepreneur and investor in the blockchain and digital asset industry, Mr. Du Jun has nearly 10 years of experience in the industry, covering various aspects of corporate management, strategic planning, market development, investment and M&A. Prior to joining Xinhuo Technology, he co-founded Huobi Group, the world's leading cryptocurrency trading platform, in 2013 with Mr. Lin Li, the Chairman of the Board of Directors of the company, and was responsible for the strategic planning, management and market development of the company as a co-founder of Huobi Group in the following years. Mr. Du has served as a co-founder and director of Chainup Pte. Prior to joining the blockchain industry, Mr. Du Jun worked for well-known Internet companies such as Tencent and Comsenz. Currently, Mr. Du Jun is pursuing a Master's degree in Management at the National University of Singapore.

Mr. Du said, "I am very happy to join NewFire. We have always served the market with a compliant, professional and efficient image. The company holds several important crypto industry licenses, allowing more investors to enter the world of digital assets with confidence. In the future, I hope to explore the depth and breadth of the company's development based on the compliance business, bringing more vitality to the company's development and bringing more possibilities to the industry."

This appointment is very beneficial to the future business development of New Fire Technology. The addition of Mr. Du Jun will effectively empower the company's management and diversified business expansion, and help the company build a leading one-stop digital asset service platform. Mr. Du Jun will use his rich market experience and industry resources to lead the company to achieve leapfrog development. In the future, Xinhuo Technology will continue to deepen its compliance strategy layout and strive to create long-term sustainable returns for the company and shareholders through licensed advantages, business diversification and industry resource integration.

About New Fire Technology

New Fire Technology Holdings Limited ("New Fire Technology", stock code: 1611.HK) is a leading one-stop digital asset service platform. We are committed to leading traditional finance into the world of digital assets, with services focused on professionalism, compliance, security and efficiency. New Fire Technology services now cover Software-as-a-Service (SaaS), virtual asset management, custody, OTC block trading, lending, trading platforms and strategic investments.

With a strong focus on compliance, NewFire is actively applying for a number of virtual asset and financial related licenses in major markets around the world. Currently, NewFire's subsidiaries have successfully obtained (i) Class 4 (advising on securities) and Class 9 (asset management) licenses from the Securities and Futures Commission of Hong Kong ("SFC"), respectively, and are approved to manage a portfolio with 100% investment in virtual assets; (ii) a trust company registered in Hong Kong registered as a trust company and approved for a trust or company service provider license; (iii) obtained a Money Services Business registration license (MSB) from the Financial Crimes Enforcement Bureau (FinCEN) in the United States; and (iv) obtained a Money Services Business (MSB) registration license from the Financial Transactions and Reports Analysis Centre (FINTRAC) in Canada. Meanwhile, the Company's subsidiaries are actively applying for Class 1 (securities trading) and Class 7 (provision of automated trading services) licenses issued by the Hong Kong Securities and Futures Commission with a view to operating in compliance as a virtual asset trading platform in Hong Kong.