Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective October 26, 2021, Yumei Liu resigned as a member of the board of
directors (the "Board") of Fortune Valley Treasures, Inc. (the "Company"). Ms.
Liu's resignation was not the result of any disagreement with the Company, the
Company's management or the Board.
Effective October 26, 2021, the Board has appointed Anthony S. Chan as an
independent director of the Company. There are no relationships or related
transactions between Mr. Chan and the Company that would be required to be
reported under Section 404(a) of Regulation S-K.
Mr. Chan is a certified public accountant registered with the State of New York
and a seasoned executive with over 30 years of professional experience in
auditing, financial reporting and business advisory. Mr. Chan is the President
of CA Global Consulting Inc., a company he co-founded in February 2014. Since
February 2020, he has been serving as the Director of Assurance and Advisory
Services at Wei, Wei & Co., LLP., a full-service CPA firm registered with the
PCAOB. From July 2019 to January 2020, Mr. Chan served as the Chief Financial
Officer of SPI Energy Co. Ltd (Nasdaq: SPI), a Nasdaq-listed green energy
solutions company. From October 2017 to March 2019, Mr. Chan served as the Chief
Financial Officer of Helo Corp. (OTC Pink: HLOC), a technology company with
shares traded on the OTC Pink Market. From September 2013 to November 2015, Mr.
Chan served as an Executive Vice President, Director and Acting CFO of
Sino-Global Shipping America, Ltd. (Nasdaq: SINO), a logistics and shipping
company with operations in China, Australia and Hong Kong. From February 2005 to
August 2013, Mr. Chan was a partner at three full-service CPA firms in New York,
including UHY LLP (from September 2012 to August 2013), Friedman LLP (from
September 2011 to July 2012) and Berdon LLP (from February 2005 to August 2011).
Prior to that, he had held executive and professional positions at various
U.S.-based companies including Primedia Inc, National Broadcasting Company,
Arthur Anderson, KPMG, and PwC. Mr. Chan holds an MBA in Finance and Investments
from Baruch College of the City University of New York, and a Bachelor of Arts
in Accounting and Economics from Queens College of the City University of New
York.
Mr. Chan is independent under the rules of the SEC and Nasdaq. Mr. Chan will
serve as the Chair of the Audit Committee and a member of the Compensation
Committee. Mr. Jianwei Lin no longer holds the Audit Committee Chair position
but continues to serve as a member of the Audit Committee. The Board determined
that Mr. Chan is an "audit committee financial expert" as such term is defined
in Item 407(d)(5) of Regulation S-K promulgated under the Exchange Act.
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