Wave Sync Corp. announced that on July 24, 2017, Mr. Zuyue Xiang resigned as the Chief Executive Officer effective immediately, but remains a member of the Board of Directors of the Company and the president of one of the Company's subsidiaries in Guangzhou, China. On July 24, 2017, the Board appointed Mr. Yang Liu, 38 years old, as the new CEO of the Company and a member of the Board.

Mr. Liu has more than ten years of experience in software development and business management. In connection with his services as the CEO, the Company will pay Mr. Liu a salary of $72,000 annually. Prior to joining the Company, Mr. Liu worked as manager, technology consultant and software engineer for a number of technology companies and financial institution.