Code Chain New Continent Limited announced that on October 4, 2022, Mr. Wei Xu tendered his resignation as the Chief Executive Officer, effective October 4, 2022. The resignation of Mr. Wei Xu was not a result of any disagreement with the Company's operations, policies or procedures. On October 4, 2022, approved by the Board of Directors, the Nominating and Corporate Governance Committee and the Compensation Committee, Mr. Hongxiang Yu was appointed as the Chief Executive Officer of the Company, effective October 4, 2022.

The biographical information of Mr. Hongxiang Yu: Mr. Hongxiang Yu, age 43, co-founded Shanghai Highlight Media Co. Ltd. (“Highlight Media”), a consolidated variable interest entity of the Company, in 2016 and has been its Chairman of the Board since then. Mr. Yu is also the Chairman of the Board of Shanghai Highlight Asset Management Co.

Ltd., responsible for asset management and private equity investment. Mr. Yu is also the Vice Chairman of the Board of Tianjing Dragon Film Co. Ltd., engaged in the investment in the film industry in China.

From 2006 to 2015, Mr. Yu served as the general manager of Hongrun Foundation Engineering Co. Ltd. and the head of the internal audit department of Hongrun Construction Group Co. Ltd. Mr. Yu received his bachelor's degree in international trade from University of Portsmouth in the United Kingdom in 2004 master's degree in international human resource management from University of Portsmouth in the United Kingdom in 2006.