Huale Acoustics Limited Announces Management Changes
Happyland Co., Limited, a corporation formed under the laws of the PRC (the "HGL Shareholders"). As a result, HGL is now a wholly owned subsidiary of the Company. Under the Share Exchange Agreement, the HGL Shareholders
exchanged all of the shares that they held in HGL for 32,625,000 ordinary shares of the Company. A copy of the Share Exchange Agreement was filed as Exhibit 2.1 to the Report on Form 6-K filed by the Company on February 28,
2020. As a result of the closing of the Share Exchange, the HGL Shareholders own approximately 90% of the total outstanding ordinary shares of the Company and the former shareholders of the Company own approximately 10%. Mr. Zhicheng Huang, the former sole officer and director of the Company, resigned from all positions with the Company immediately after the closing of the Share Exchange and Mr. Yusheng Huang was appointed as the
Company's President, Chief Executive Officer, Chief Financial Officer and Secretary, as well as sole director.