On October 29, 2020, Mr. Yuguo Zhang tendered his resignation as the President of Code Chain New Continent Limited, effective October 29, 2020. The resignation of Mr. Zhang has been approved by the Nominating and Corporate Governance Committee and the Board of Directors of the Company. Mr. Zhang's resignation was not a result of any disagreement with the Company's operations, policies or procedures. On the same day, Mr. Xiaonian Zhang tendered his registration the Vice President of the Company, effective October 29, 2020. The resignation of Mr. Zhang has been approved by the Nominating and Corporate Governance Committee and the Board of Directors of the Company. Mr. Zhang's resignation was not a result of any disagreement with the Company's operations, policies or procedures. On October 29, 2020, approved by the Board of Directors and the Nominating and Corporate Governance Committee, Mr. Wei Xu, the Co-Chair of the Board of Directors, was appointed as the President of the Company, effective October 29, 2020.