On July 8, 2019, Messrs. William Kwok Keung Tsui, Joseph Levinson and John Levy tendered their resignations as directors and members of the various committees of the board of directors of Takung Art Co., Ltd. with immediate effect. Also on July 8, 2019, the board of directors of the company appointed Mr. Jiangping Xiao (Gary) and Ms. Li Lv as new directors of the company. Jiangping Xiao is currently the Controller of the Mandarich Law Group. Prior to that, he was the Chief Financial Officer of Professional Diversity Network Inc. from March 2017 through to March 2019. Li Lv, 46, Mrs. Lv is a corporate management expert with 12 years of financial, accounting and business experience. From August 2010 to December 2018, she served as a General Manager of Hua Xia Investment, a PRC Investment consultancy firm. From April 2006 to May 2010, she served as an Assistant Branch Manager in Rural Commercial Bank. On July 8, 2019, the board of directors of the Company resolved to re-constitute the Audit Committee, Compensation Committee and Governance and Nominating Committee to comprise the following: Audit Committee: Jiangping Xiao (Gary) as Chair, Xiaoyu Zhang and Li Lv as members. Compensation Committee: Xiaoyu Zhang as Chair, Jiangping Xiao (Gary) and Li Lv as members. Governance and Nominating Committee; Li Lv as Chair, Jiangping Xiao (Gary) and Xiaoyu Zhang as members.