On January 21, 2022, the Board of Directors of Code Chain New Continent Limited determined to remove Tingjun Yang from his positions of the Chief Executive Officer and a director of the Company, effective immediately. The determination was not due to any disagreement with management on any matter related to the Company's operations, policies or practices. On the same day, the Board approved the appointment of Wei Xu, the President and Chairman of the Board of the Company, to be the Chief Executive Officer.