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Item 5.02.
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Departure
of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
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(a) Appointment
of New Principal Financial Officer
On
April 24, 2018, the Company announced the appointment of Wei Wei as the Company’s Chief Financial Officer, effective immediately.
Mr. Wei does not have any family relationship with any director or executive officer of the Company and has not been involved
in any transaction with the Company during the past two years that would require disclosure under Item 404(a) of Regulation S-K.
Mr.
Wei, age 36, most recently served as the financial manager at TBEA Co., Ltd. (600089.SH), a public company listed on Shanghai
Stock Exchange, from March, 2016 to December, 2017. Prior to that, he worked as an auditor and accountant in Liaoning Zhongheng
CPA Firm, a China-based member firm of HLB International, a global network of independent professional accounting firms and business
advisers, from April, 2014 to December, 2015. Mr. Wei also served as an overseas financial manager in Wison Engineering Services
Co Ltd (2236.HK), a public company listed on the Stock Exchange of Hong Kong from December, 2012 to December, 2013.
Mr.
Wei is a member of the Association of Chartered Certified Accountants and he holds a Master’s Degree in Professional Accountancy
from the University of London. Mr. Wei is familiar with U.S. GAAP, IFRS, and PRC GAAP.
Pursuant
to the terms of the employment between Mr. Wei and the Company, Mr. Wei will receive an annual base salary of $96,000 and will
be entitled to participate in other employee benefit plans, programs and arrangements that the Company may maintain from time
to time for its senior officers.
(b) Appointment
of New Principal Executive Officer
On
April 24, 2018, the Company announced the appointment of Dongsheng Lian as the Company’s Chief Executive Officer, effective
immediately. Mr. Lian does not have any family relationship with any director or executive officer of the Company and has not
been involved in any transaction with the Company during the past two years that would require disclosure under Item 404(a) of
Regulation S-K.
Mr.
Lian, age 44, was the initial founding member and served as a promoter of Liaoning Shidaitang Jade Jewelry Co., Ltd. since 2016
before joining the Company. Prior to that, he served as a deputy general manager in Beijing Zhongcai Huijin Fund Management Co.,
Ltd. from 2013 to 2015, and was mainly responsible for the risk assessment and control. He also worked at the China head office
of Saskar Group US, where he was responsible for the company’s business development in the Greater China Region and its
listing works in the U.S. capital markets.
Mr
Lian holds a Bachelor’s Degree in Tourism Management from Hubei University. Mr. Lian has held senior executive positions
in various companies and he is experienced with large-scale merger and acquisition projects as well as the management of public
companies.
Pursuant
to the terms of the employment between Mr. Lian and the Company, Mr. Lian will receive an annual base salary of $120,000 and will
be entitled to participate in other employee benefit plans, programs and arrangements that the Company may maintain from time
to time for its senior officers.