On September 4, 2020, Mr. Jun Chen tendered his resignation as Chief Executive Officer of ZYQC Group Holding Limited, effective immediately. Mr. Chens resignation is for personal reasons and not due to any disagreement with the Company relating to the Companys operations, policies or practices. On September 4, 2020, the board of directors of the Company approved an increase of the size of the Board from one director to three directors. Thereafter, on the same day, the Board appointed Yaxuan Liu, Aiping Zhou and Zhenguo Sun, to fill the vacancies on the Board created by the resignation of Mr. Chen and the increase in the size of the Board. In addition, the Board appointed Mr. Liu to serve as the Companys Chief Executive Officer. Yaxuan Liu, age 45, has served as the Chairman of the board of directors of Zhongyuan Automobile Trading Co. Ltd., the Companys indirectly wholly owned subsidiary in China, since April 2018. Mr. Liu served as the Chief Executive Officer of Shenzhen Haote Huaiyuan Automobile Trading Co. Ltd., a car dealer trading primarily used vehicles from May 2010 to June 2016. Prior to that, Mr. Liu was primarily engaged in the sales and trading of pre-owned vehicles.