On May 18, 2023, Mr. Bulin Wang tendered his resignation as a member of the board of directors (the “Board”) of Fortune Valley Treasures, Inc. (the “Company”) due to his retirement, effective immediately. Ms. Wang's resignation was not the result of any disagreement with the Company, the Company's management or the Board. On May 18, 2023, the Board accepted the resignation of Bulin Wang.

Following Mr. Wang's resignation, the Board reduced the size of the Board from eight directors to seven directors. The Board appointed director Jianwei Lin to fill the vacancies on the Compensation Committee and the Corporate Governance and Nominating Committee that were created by Mr. Wang's resignation from the Board. Effective May 18, 2023, Mr. Jianwei Lin will serve as the Chair of the Compensation Committee and a member of the Corporate Governance and Nominating Committee.