On August 6, 2019, Mr. Chun Hin Leslie Chow tendered his resignation as Chief Executive Officer of Takung Art Co., Ltd. for personal reasons. In order to fill the vacancy, the company’s Nominating and Compensation Committee met on August 6, 2019 to nominate Ms. Fang Mu as the company’s new Chief Executive Officer. On August 6, 2019, the company’s board of directors approved Ms. Mu’s appointment. Ms. Mu’s compensation as Chief Executive Officer of the Company.