On July 10, 2023, Mr. Jianguang Qian tendered his resignation as the Chief Financial Officer of Takung Art Co., Ltd. effective immediately. Mr. Qian’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 the same date, the nominating committee of the board of directors of the Company appointed Mr. Yaobin Wang as the new Chief Financial Officer, effective immediately, to fill in the vacancy resulting from the resignation of Mr. Qian.

In connection with Mr. Wang’s appointment, the Company and Mr. Wang entered into an employment agreement, dated July 10, 2023, pursuant to which Mr. Wang will receive an annual base salary of $60,000 and discretionary share compensation for his services as Chief Financial Officer. His term of employment, which began July 10, 2023, is for one year, with the first three months being his probationary period. His employment may be terminated at any time during this probationary period and thereafter upon one month’s written notice.

Mr. Wang may terminate his employment at any time for any reason or no reason upon three month’s advance written notice. Mr. Yaobin Wang has served as the Finance Director & Operation Data Director of Lvmama.com since August 2018. From June 2017 to July 2018, Mr. Wang served as the Director and CFO of SunMoon Food Company Limited.

Mr. Wang served as an Investment Director of Yiguo Group from June 2017 to July 2018 and prior to that as Finance Director from April 2015 to June 2017. Mr. Wang received his bachelor’s degree in International Trade & Economy from Shanghai Jiao Tong University in 2008. Mr. Wang is a certified public accountant in China (CICPA) and the United States (AICPA).