Lei Zhu entered into a share purchase agreement to acquire Tongrong Technology (Jiangsu) Co., Ltd. from Code Chain New Continent Limited (NasdaqCM:CCNC) for approximately $1.6 million on March 30, 2021. Pursuant to the Agreement, Qihai Wang, former Director of Code Chain New Continent agreed to be responsible for the payment of the purchase price on behalf of Lei Zhu. The purchase price for the Tongrong Shares shall be payable in the form of cancelling 426,369 shares of common stock of Code Chain New Continent Limited owned by Qihai Wang. Tongrong Technology contractually controls Jaingsu Rong Hai Electric Power Fuel Co., Ltd., a variable interest entity of Code Chain New Continent Limited. The disposition of Tongrong Technology will include disposition of Jaingsu Rong. Qihai Wang tendered his resignation as a director of the Company, effective immediately. The closing of the transactions contemplated by this Agreement shall take place on a date mutually agreed by the parties within 30 days after the date of the Agreement. Lei Zhu completed the acquisition of Tongrong Technology (Jiangsu) Co., Ltd. from Code Chain New Continent Limited (NasdaqCM:CCNC) on March 31, 2021.