On January 4, 2019, Wei Fan resigned as a director of Puhui Wealth Investment Management Co., Ltd. The board of directors of the company appointed Jun Wang as a director to serve until the 2019 annual meeting of shareholders of the company. Mr. Wang has also been appointed to serve as a member of the audit committee and nominating and corporate governance committee of the Board and as the chairman of the compensation committee of the Board. Jun Wang has been serving as a lecturer at the School of Economics and Management since 2011 at China Agricultural University. He has also been serving as the Deputy Director and Secretary General of China Futures and Financial Derivatives Research Center since 2012, the Deputy Director of the MBA Education Center since 2013 and Deputy Dean of the Department of Finance in the School of Economics and Management since 2017 at China Agricultural University.