Xiaobai Maimai Announces Changes to the Management and Board of Directors

BEIJING,July 14,2021 -- Xiaobai Maimai Inc. (NASDAQ: HX),formerly known as Hexindai Inc. ("Xiaobai Maimai",the "Company",or "we"),a social e-commerce platform in China,today announced the appointment of Ms. Vivian Liu to its Board of Directors immediately,and that Ms. Luping Wei,Vice President of Operations and Director of the Company,has resigned for personal reasons effective July 14th,2021. Ms. Wei's resignation did not result from any disagreement with the Company.

Ms. Vivian Liuis currently the CEO of Hebei Chuangjie Technology Co.,Ltd. and has extensive experience in financial investment,capital market operations and enterprise management. Prior to that,Ms. Liu worked at Guosen Co.,Ltd. She earned her bachelor's degree from the Department of Economics and Management at Nankai University in China.

About Xiaobai Maimai Inc.

Xiaobai Maimai Inc. (NASDAQ: HX),formerly known as Hexindai Inc.,("Xiaobai Maimai" or the "Company"),is a social e-commerce platform based in Beijing,China. The Company collaborates with domestic e-commerce platforms and offers users a wide selection of high-quality and affordable products on its social e-commerce platform. Leveraging its cooperation with mainstream e-commerce platforms and online service marketplaces,the Company continues to generate fast growth for the business by identifying and introducing cost-efficient products through its data analytics algorithm and operating system,and attracts users to its platform with excellent customer service.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934,as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"),in its annual report to shareholders,in press releases and other written materials and in oral statements made by its officers,directors or employees to third parties. Any statements that are not historical facts,including statements about the Company's beliefs and expectations,are forward-looking statements that involve factors,risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include,but not limited to the following: the Company's goals,strategies and expansion plans; its future business development,financial condition and results of operations; its ability to attract and retain new users and to increase revenues generated from repeat users; its expectations regarding demand for and market acceptance of its products and services; its relationships and cooperation with e-commerce platforms and services marketplaces; trends and competition in China's e-commerce market; the expected growth of the Chinese e-commerce market; Chinese governmental policies relating to the Company's corporate structure and the e-commerce industry; and general economic conditions in China. Further information regarding these and other risks,uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement,and the Company does not undertake any obligation to update such information,except as required under applicable law.

For more information,please visit ir.xiaobaimaimai.com

For investor inquiries,please contact:

The Company

Investor Relations

Ms.Zenabo Ma

Email: ir@xiaobaimaimai.com

Christensen

In China

Mr.Eric Yuan

Phone: +86-10- 5900-1548

E-mail: Eyuan@christensenir.com

In US

Mr.Tip Fleming

Phone: +1-917-412-3333

Email:tfleming@Christensenir.com

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