On September 22, 2020, the nominating and compensation committees of the board of directors of Takung Art Co., Ltd. nominated and appointed Mrs. Zhihua Yang as the Company’s new Chief Executive Officer. Also on September 22, 2020, the Company’s board of directors ratified and approved her appointment. Mrs. Yang’s compensation as Chief Executive Officer is set forth in an employment agreement with the Company dated September 22, 2020. Yang, age 45, was the Vice President of Ant Doctor Group Medical (Shenzhen) Co., Ltd. from 2018. She founded Muyi Color Studio in Jiangsu, PRC in 2014. She has over 5 years of 'live' streaming e-commerce with 50,000+ followers and more than 20 years of business experience. She graduated from Gansu University of Political Science and Law in 1997 with a Bachelor of Business Administration.