As previously reported, on January 28, 2015, certain share exchange agreement was entered into by and among China Teletech Holding Inc., Shenzhen Jinke Energy Development Co. Ltd., and Guangyuan Liu, pursuant to which the company agreed to issue an aggregate of 20,000,000 shares of its common stock, $0.001 par value per share (the Common Stock) to the Jinke Shareholder in exchange for 51% of the issued and outstanding securities of Jinke. Pursuant to the rescission agreement and in connection with the unwinding of Jinke Exchange Transaction, Mr. Guangyuan Liu, the Jinke Shareholder, resigned from the Board as of the Effective Date on November 15, 2016 and effective immediately. Pursuant to the Kuncheng Exchange Agreement, upon closing of the Kuncheng Share Exchange, Mr. Kunyuan Yang and two other individuals designated by Kuncheng will be appointed to the Board, and Mr. Kunyuan Yang will also be appointed as chairman of the Board. Mr. Kunyuan Yang founded Liaoning Kuncheng Education Investment Co. Ltd. in 2016 and has been its CEO since then to present.