On October 20, 2020, Lixia Tu resigned from her positions as a director of KBS Fashion Group Limited On October 21, 2020, John Sano and Matthew C. Los resigned from their positions as independent directors of the Company. On October 22, 2020, Themis Kalapotharakos also resigned from board of directors. Effective October 25, 2020, board of directors filled the vacancies on board of directors by appointing the following individuals to serve as members of the board: Mr. Jin Yan, currently the president of Zhongshi Culture Communication Co., Ltd, which he founded in 2015. Mr. Jin was also appointed as a member of the Audit Committee of the Company. Mr. Mu Ruifeng, currently serving as the general manager and chairman of the board of those two companies. In addition, Mr. Mu was appointed by the board of directors as the Chair of the Audit Committee. Mr. Zhen Hong Wei, currently a senior management member of Zhong Yi Construction Planning Co. Ltd., and he has been in this position for over 10 years. Ms. Chen Bizhen, currently the Co-general Manager of KBSF Fashion Group Limited.