Saiheat Ltd: consummation of transfer resulted in change in control of company, with Longwin Global becoming sole controlling shareholder of company

Saiheat Ltd (OTC: SAIHEAT) announced a change in control following the consummation of a share transfer on July 1, 2025, which resulted in Peng Zhang becoming the sole controlling shareholder of the company. The transfer involved Risheng Li, who previously held 100% of the issued share capital of Energy Science Artist Holding Limited, a British Virgin Islands company that indirectly controls Saiheat Ltd. Under the terms of the transfer, Li transferred his one ordinary share to Peng Zhang for nil consideration.

In conjunction with the change in control, Risheng Li resigned from the board of directors and from his roles as chief executive officer and acting chief financial officer of Saiheat Ltd, effective July 8, 2025. Li cited personal reasons for his resignation, emphasizing no disagreement with the company. The board subsequently appointed Jianwei Li as a new director and chief executive officer. The company is seeking a suitable candidate for the chief financial officer position.

Jianwei Li brings extensive experience in venture capital and technology investments, having previously held leadership roles at Sequoia Capital China and ZhenFund. His appointment is expected to provide strategic direction during this transition period.