On August 24, 2022, Mr. Tak Ching (Anthony) Poon tendered his resignation as Chairman of the Audit Committee of the Board (Audit Committee"), member of the Compensation Committee of the Board (Compensation Committee") and member of the Nominating & Corporate Governance Committee of the Board (Nominating Committee") of Takung Art Co., Ltd., effective immediately. Mr. Poon's decision to resign was not the result of any disagreements with the Company on any matter related to the operations, policies, or practices of the Company. On August 29, 2022, the Board appointed Mr. Guisuo Lu, a current independent director of the Board, as Chairman of the Audit Committee, member of the Compensation Committee and member of the Nominating Committee, effective immediately, to fill in the vacancy resulting from the resignation of Mr. Poon.