China VTV Limited reviewed and accepted Mr. Hongbin Dong's resignation letter as a member of the Board, effective January 6, 2020. In addition, on January 10, 2020, the Board appointed Mr. Hongbin Dong as the Chairman of the supervisory board of the Company effective immediately, where Mr. Hongbin Dong oversees the general operations of the Company and advises on the executive compensation. On January 10, 2020, the Board elected Ms. Qiongfang Shi as a member of the Board in connection with the business acquisition agreement with Butterfly Effect Culture Media (Beijing) Co. Ltd., effective immediately. Ms. Qiongfang Shi serves as a member of the Board until the next annual shareholder meeting and until her successor shall be duly elected and qualified or her early resignation. Ms. Qiongfang Shi has been a member of the board of directors of Butterfly Effect since July 2015.