China Finance Online (JRJC) Announces Changes to the Board of Directors

China Finance Online Co. Limited ("China Finance Online," or the "Company," "we," "us" or "our") (Nasdaq GS: JRJC), a leading web-based financial services company that provides Chinese individual investors with fintech-powered online access to securities trading services, wealth management products, securities investment advisory services, as well as financial database and analytics services to institutional customers, today announced the following changes to the board of directors of the Company (the "Board").

The Board has approved the appointments of Ms. Ying Zhu, Mr. Frank J. Mitsch and Mr. Haimin Xu as directors of the Company, effective as of August 27, 2021. Each of Mr. Zhiwei Zhao and Mr. Yaowei Zhang has resigned as a director of the Company, effective as of August 23, 2021, and August 20, 2021, respectively. The Board has also elected Dr. Z. James Chen as the Chairman of the Board, effective as of August 27, 2021.

Ms. Ying Zhu has been serving as our Chief Financial Officer since May 2021. She joined our Company in July 2010 and has served as our Director of Investor Relations, Director of Strategy, Assistant to the Chairman, Head of President's Office and the Acting Chief Financial Officer. She also serves as Vice President of Rifa Securities Limited in Hong Kong. Ms. Zhu obtained her Master of Law and Bachelor of Economics degrees majoring in Finance from International Business School of Beijing Language and Culture University. Ms. Zhu has been awarded HKSI Institute Specialist Certificates on Securities, Futures and Asset Management.

Each of Mr. Frank J. Mitsch and Mr. Haimin Xu has been appointed as an independent director of the Board and will serve as members of the Audit Committee, Compensation Committee and Corporate Governance and Nominating Committee, respectively.

Mr. Frank J. Mitsch co-founded and is currently the President of Fermium Research following seven years at Wells Fargo Securities, where he was a Managing Director. Beginning his financial services career with Merrill Lynch, Mr. Mitsch has over 20 years of experience in the industry, including BB&T Capital Markets and JP Morgan H&Q. He's a member of the 2017 and 2018 Institutional Investor's All-America Research Team and received the Top Gun designation from Brendan Wood Intl in 2020. Mr. Mitsch has also been named four times in The Wall Street Journal's Best on the Street analyst survey for stock selection. Frank received his Bachelor of Engineering degree from Stevens Institute of Technology and an MBA in Finance from Montclair State University.

Mr. Xu Haimin is a partner of Cybernaut Investment Group. He has worked in China Ministry of Aerospace, PricewaterhouseCoopers China, as Financial Management Consultant, and China United Assets Appraisal Group as Vice General Manager. He graduated from Nankai University with a bachelor's degree and from School of Economics at Peking University with a Master's degree.

The Board is thankful for Mr. Zhiwei Zhao and Mr. Yaowei Zhang's long-term services and significant contributions to the Company and wishes them the best in their future endeavors. The Board is confident that the Company will be able to drive its business growth under the new leadership of the Board, with the addition of Mr. Frank J. Mitsch, Mr. Haimin Xu and Ms. Ying Zhu's valuable expertise and experience.

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