On December 20, 2019, the Board of Directors of Fortune Valley Treasures, Inc. approved an increase in the size of the Board from one director to two, appointed Mr. Kaihong Lin to serve as a director to fill the vacancy created as a result of the increase in the size of the Board, and appointed Mr. Yumin Lin to serve as the Chairman of the Board. On December 20, 2019, Mr. Yumin Lin tendered his resignation as Chief Financial Officer and Treasurer to the Board, effective immediately. Mr. Yumin Lin will continue to serve as the Chairman, Chief Executive Officer, President and Secretary of the Company.

To fill the vacancies created by Mr. Yumin Lin's resignation, the Board appointed Mr. Kaihong Lin to serve as the Company's Chief Financial Officer and Treasurer effective December 20, 2019. Kaihong Lin, has served as the financial director of Qianhai DaXingHuaShang Investment (Shenzhen) Co. Ltd.