On December 31, 2015, XcelMobility Inc. entered into a Separation Agreement (the "Separation Agreement") with Mr. Ronald Edward Strauss, pursuant to which Mr. Strauss' service to the Company and all of its subsidiaries terminated effective December 31, 2015. Effective December 31, 2015, Mr. Ronald Edward Strauss resigned as Executive Chairman and a member of the Board and from all positions at the Company's subsidiaries, including Shenzhen CC Power Corporation, Shenzhen CC Power Investment Consulting Co. Ltd., and CC Mobility Limited.

Effective December 31, 2015, the Board appointed Mr. Renyan Ge as Chairman of the Board. Mr. Ge currently serves as the Chief Executive Officer of the Company and a member of the Board and has held those positions since 2011. Effective December 31, 2015, the Board appointed Mr. Zhixiong Wei as a member of the Company's Board.