On October 1, 2020, Mr. Robert Chen resigned from his position as the Chief Financial Officer and Principal Accounting Officer of Victory Commercial Management Inc. due to personal reasons. On October 2, 2020 the Board of Directors (the "Board") accepted Mr. Chen's resignation and subsequently appointed Mr. Alex Brown, as the Interim Chief Financial Officer and the Principal Accounting Officer of the Company, effective immediately, until the Board appoints suitable and permanent substitute for Chief Financial Officer and Principal Accounting Officer.