On July 25, 2016, Wins Finance Holdings Inc. received a letter of resignation from Richard Xu pursuant to which Mr. Xu resigned as President and a director of the company. Mr. Xu indicated that his resignation was not the result of any disagreement with the company on any matter relating to the company's operations, polices or practices. On July 25, 2016, the company's board of directors appointed Renhui Mu, the company's Co-Chief Executive Officer, to be a director of the company.