On August 23, 2018, Mr. Ming Yi resigned as the Chief Financial Officer of Wave Sync Corp. and a member of the board of directors of the company, effective on August 30, 2018. Mr. Yi resigned from the CFO position for personal reasons and not as a result of any disputes or disagreements between Mr. Yi and the Company on any matter relating to the company's operations, policies, accounting policies or practices.

On August 22, 2018, Mr. Yang Liu resigned as the Chief Executive Officer of the company and a member of the Board, effective on August 30, 2018. Mr. Liu resigned from the CEO position for personal reasons and not as a result of any disputes or disagreements between Mr. Liu and the company on any matter relating to the company's operations, policies or practices.