On April 18, 2020, Ms. Sheve Li Tay and Mr. Hong Huang tendered their resignations as independent directors of China Internet Nationwide Financial Services Inc. (the "Company") with immediate effect. Both Messrs Tay and Huang cited personal reasons for their resignations and confirmed that their resignations were not a result of any disagreement with the Company's policies or practices. The Board of Directors (the "Board") of the Company accepted their resignations with effect from April 18, 2020. On April 20, 2020, the Board appointed Mr. Hong Chen and Ms. Xiaoyue Zhang as new independent directors to replace them. The Board also appointed all of the Company's three independent directors to the following committees: Audit Committee: Mr. Ming Yi (Martin) (Chairman), Mr. Hong Chen, Ms. Xiaoyue Zhang; Compensation Committee: Mr. Hong Chen (Chairman), Mr. Ming Yi (Martin), Ms Xiaoyue Zhang; Nominating and Corporate Governance Committee: Ms. Xiaoyue Zhang (Chairwoman), Mr. Ming Yi (Martin); Mr. Hong Chen.