UNITED STATES
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 3, 2024, Mr. Yumin Lin tendered his resignation as a member of the board of directors (the “Board”) and Chief Executive Officer of Fortune Valley Treasures, Inc. (the “Company”) due to personal reasons. The Board accepted the resignation of Mr. Lin. Mr. Lin’s resignation was not the result of any disagreement with the Company, the Company’s management or the Board.
Effective June 6, 2024, the Board elected Mr. Yuwen Li to serve as a director and Chairman of the Board. Effective June 6, 2024, the Board appointed Mr. Li as the Chief Executive Officer of the Company. In connection with such appointment, Mr. Li has resigned from other executive positions he previously held with subsidiaries of the Company.
Yuwen Li has served as the chairman of the board of directors of Dongguan Xixingdao Technology Co., Ltd., a subsidiary of the Company, since October 2019. In that role, he oversees management and overall operations of the company. He built an efficient management team and guided its management in successfully completing multiple major projects and creating significant economic benefits for the company. Mr. Li had also served as the chief operating officer of Qianhai DaXingHuaShang Investment (Shenzhen) Co., Ltd. (“QHDX”), a subsidiary of the Company, from August 2022 to May 2024 and as the chief technology officer of QHDX from March 2021 to July 2022, where he participated in the company’s major decisions, executed corporate development strategies, supervised corporate compliance and led major company projects and business expansions. Mr. Li received his Associate’s degree in Marketing from Jimei University of Finance and Economics in Xiamen, China.
Item 9.01 Financial Statements and Exhibits
| Exhibit No. | Description | |
| 10.1 | Employment Agreement between Yuwen Li and Fortune Valley Treasures, Inc. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| FORTUNE VALLEY TREASURES, INC. | ||
| Dated: June 7, 2024 | By: | /s/ Kaihong Lin |
| Name: | Kaihong Lin | |
| Title: | Chief Financial Officer | |