On October 16, 2020, WiMi Hologram Cloud Inc. announced the resignation of Mr. Fanhua Meng as the Chief Executive Officer of the Company, and the appointment of Mr. Shuo Shi as Chief Executive Officer of the Company. Mr. Fanhua Meng delivered his notice to resign from his position as a Chief Executive Officer of the Company due to personal reasons on October 16, 2020. The resignation of Mr. Fanhua Meng did not result from any disagreement with the Company. The Board appointed Mr. Shuo Shi, the Company’s Chief Operating Officer, as the Chief Executive Officer of the Company to fill the vacancy created by Mr. Fanhua Meng’s resignation.