ITEM 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 10, 2021, the Board of Directors (the "Board") of the Company
elected an additional director, Mr. De Li, to the Board. As a result, the Board
now consists of two members, Mr. De Li and Ms. Lei Xu. Mr. De Li will hold
office until his successors have been duly elected and qualified, or his
resignation, death or removal, whichever occurs first.
Mr. De Li, age 35, an entrepreneur and a founder of VEZHONG LIMITED. He
graduated from Guilin University of Technology in 2009 and joined Guangzhou
Fengmei Leather Co., Ltd. in 2010. Since 2019, he has been an entrepreneur and
run his own business.
As reported previously, on August 11, 2021, VEZHONG LIMITED, a British Virgin
Islands company, acquired 9,002,000 shares of preferred stock of the Company
from Plentiful Limited, a Samoan company, which shares represented approximately
90.02% voting power of the outstanding capital stock of the Company immediately
after the acquisition. Mr. De Li is the sole director and a holder of 44% of the
shares of VEZHONG LIMITED.
There is no family relationship that exists between Mr. De Li and any other
director or executive officers of the Company. Except as disclosed herein, there
are no arrangements or understandings between Mr. De Li and any other persons
pursuant to which he was selected as a director, nor are there related party
transactions between the Company and Mr. De Li that would require disclosure
under Item 404(a) of Regulation S-K.
On the same date, the Board ratified and approved Ms. Lei Xu's appointment as
the Chief Executive Officer and Chief Financial Officer of the Company who has
been the Company's President, Treasurer and Secretary since April 2020.
ITEM 8.01. Other Events.
Effective December 10, 2021, VEZHONG LIMITED transferred (i) 3,060,680 shares of
preferred stock of the Company to VEVEI LIMITED, a British Virgin Islands
company, (ii) 2,160,480 shares of preferred stock of the Company to VEYUN
LIMITED, a British Virgin Islands company, and (iii) 1,800,400 shares of
preferred stock to VEJU LIMITED, a British Virgin Islands company. After the
foregoing transfers, VEZHONG continues to hold 1,980,440 shares of preferred
stock of the Company.
As of the date of this report, VEZHONG LIMITED is 44% owned by Mr. De Li, 31%
owned by Ms. Lihong Xu and 25% owned by Ms. Yuanjiao Zhou. VEVEI LIMITED has a
sole director, Mr. De Li, and is 100% owned by Mr. De Li. VEYUN LIMITED has a
sole director, Ms. Lihong Xu, and is 100% owned by Ms. Lihong Xu. VEJU LIMITED
has a sole director, Ms. Yuanjiao Zhou, and is 100% owned by Ms. Yuanjiao Zhou.
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