Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 8, 2021, Xiaoyue Zhang resigned from her position as an independent
member of the Board of Directors ("Board") of Wave Sync Corp. (the "Company"),
effective immediately. Ms. Zhang resigned due to her personal reasons and her
resignation is not the result of any disagreement with the Company, the Board,
or management, or any matter relating to the Company's operations, policies or
practices.
On December 10, 2021, the Board appointed Chiang Hsien as a new member of the
Board to fill in the vacancy created by Xiaoyue Zhang's resignation. Mr. Hsien,
age 60, has over 30 years of experience in investment and asset management. From
2016 to 2020, he was an advisor to the Chairman of the Pacific Millennium Group,
a leading packaging supplier in China. From 2013 to 2016, Mr. Hsien was a
Partner and Chief Representative in Asia for Lingohr & Partner Asset Management,
a German asset management company. From 2008 to 2012, Mr. Hsien was Chief
Representative and Director of Allianz Global Investors Hong Kong Ltd., and CEO
of the Shanghai Representative Office. Allianz Global Investors is a global
asset management company and a subsidiary of Allianz SE. From 2003 to 2008, Mr.
Hsien was Chief Executive Officer and Director of Guotai Junan-Allianz Asset
Management, which is one of the first joint-venture mutual fund management
companies established in China. From 2000 to 2003, Mr. Hsien was Chief Executive
Officer and Managing Director of Dresdner Securities Investment Trust Enterprise
Taiwan (now Allianz Asset Management Taiwan). He has a Bachelor of Arts Degree
from University of International Relations Beijing (China), and attended
Executive Programs at INSEAD and at Harvard University.
There are no arrangements or understandings between the Company and the newly
appointed executive officer or director and any other person or persons pursuant
to which each executive officer or director was appointed and there is no family
relationship between or among any director or executive officer of the Company
or any person nominated or chosen by the Company to become a director or
executive officer.
There are no transactions between the Company and any newly appointed executive
officer or director that are reportable pursuant to Item 404(a) of Regulation
SK. The Company did not enter into or materially amend any material plan,
contract or arrangement with any newly appointed executive officer or director
in connection with his or her appointment as a director or executive officer.
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