SHANGHAI, March 21 (Reuters) – Top Chinese Web search firm Baidu.com Inc (BIDU.O: Quote, Profile, Research) said on Friday it had appointed Jennifer Li as chief financial officer. Li previously worked for General Motors China (GM.N: Quote, Profile, Research), Baidu said in a statement.
Shawn Wang, Baidu’s previous chief financial officer, died in an accident late last year.
NEW YORK – Diesel engine maker China Yuchai International Ltd. said Thursday it appointed Hoh Weng Ming as its chief financial officer, effective May 1.
He replaces Ho Tuck Chuen who resigned as a director and CFO effective April 30 for health reasons. Chuen will continue as an adviser to the company.
Shares fell a penny to $8.34 in morning trading.
China Solar & Clean Energy Solutions has announced the appointment of Yihai Yang to the position of acting CFO.
Mr Yang replaces Gary Lam, who resigned from the position of CFO to pursue other interests. Mr Yang has prior experience working for several China-based companies in accountant, controller and CFO positions.
From September 2006, Mr Yang served as the financial controller of China Diagnostics Medical Corporation, a company engaged in the business of pharmaceutical research and development.
From April 2005 to August 2006, he served as the CFO of Beijing Tanglewood Tour Development, a company engaged in the business of real estate investment and development.
Deli Du, CEO, said: “We are very pleased to have Mr Yang join as our acting CFO. We are confident that his experience in several industries will provide our management team a valuable perspective on how to grow our business.”
China Voice Holding Corporation (CHVC) has hired Jose Ferrer as the Company’s Chief Operating Officer.
CHVC’s President and CEO Bill Burbank said, “Mr. Ferrer brings to CHVC over 20 years of success in Business Development and Operations. He has extensive experience in working with technology development companies in the communications space in the U.S. and abroad. Jose also possesses an in-depth understanding of emerging technologies and their commercial applications. For over ten years of his career, he was focused in the telecommunications field and has worked at a senior executive level with both private and public companies.”
The Hong Kong-headquartered Chinese online and mobile media group Tom Group announced its 2007 financial results, and the once-profitable company is now operating at a loss and Tom Group Limited CEO Tang Meijuan, in the position for the last five years. has resigned due to “personal reasons”. Operating Director Yang Mengguo will become the new CEO.
TOM’s revenues were 2.68 billion HK dollars ($347 million) in 2007, down 4.2 percent from the year before. In 2007, TOM’s losses were 297 million HK dollars ($38 million) compared to a profit of 32 million HK dollars ($4.1 million) in the prior year. The losses in 2007 were mainly due to a drop in mobile-valued added services (MVAS) revenues as the top 2 Chinese carriers, China Mobile and China Unicom, placed new restrictions on MVAS providers. More details in the releases here and here.
The losses included an HK$127 million impairment charge in its digital business after the mobile operators changed their policies, which hurt all MVAS players in China. It also lost HK$104 million from Tom Eachnet, an online auction venture with Ebay in China.
The chairman of the Bank of East Asia has bowed to public pressure and resigned from Hong Kong’s top policy-making body.
Bank of East Asia chairman David Li has bowed to mounting public pressure over insider dealing-related charges and resigned from Hong Kong’s cabinet Exco (executive council).
Exco advises the chief executive on policy. Li’s resignation comes two weeks after agreeing to pay the US Securities and Exchange Commission (SEC) a fine of $8.1 million to settle insider dealing-related charges, though, as is usual with these cases, Li has neither admitted nor denied the charges.
Hong Kong’s chief executive, Donald Tsang, said in a statement announcing the resignation that Li, “regretted that the matter had caused public concern and thus wished to resign from the council”. Tsang said he had asked Li to reconsider his resignation, adding, “I will miss him greatly and hope that he will continue to serve Hong Kong in other areas.”
Shareholder rights activist and editor of webb-site.com, David Webb, who has played a prominent role in drawing attention to the issue, told FinanceAsia: “It’s a good first step but I think the chief executive should have taken the initiative rather than resist his resignation.”
Li’s resignation is a setback for Tsang. It’s the first resignation from his Exco since taking over from Tung Chee Wah in 2005. Li is a close friend of Tsang’s and an important politically ally, having run Tsang’s election campaign in both 2005 and 2007.
The reputational blow to Li is immense since he heads a highly influential family in Hong Kong and sits on the boards of numerous listed companies in Hong Kong and abroad. He is also on a number of important government advisory committees. Li was knighted by the Queen of England in 2005 for services to British education, though he gave up his British citizenship to join Exco that same year.
The SEC charges related to the leaking of insider information about News Corporation’s takeover bid for Dow Jones. The SEC says that Li, who was a Dow Jones board member, leaked information of the takeover before it became public to his friend and business partner Michael Leung, who made a profit of $8.1 million after trading on this information. Leung, his son-in law KK Wong, whose Merrill Lynch account was used to buy the shares, and Leung’s daughter Charlotte, who is married to KK Wong, have also agreed to settle with the SEC and give up their trading profits.
The SEC civil complaint states that Li “knew or was reckless in not knowing” both that he had passed non-public information to Leung, and that Leung would try to profit from this information.
Li said in his resignation statement that the public discussion following his agreement to settle with the SEC, “is now becoming an increasing distraction to the chief executive and the executive council”. He said that under the terms of his agreement with the SEC he was unable to respond to questions from the public or the media and this had put pressure on the chief executive and other Exco councillors.
“It would be highly unfair to the chief executive and my fellow executive councillors for me to allow the current situation to continue,” he added.
Li who represents the financial services sector in the legislative council (Legco) said he intended to continue with his duties as a legislative councillor. But he may find that he will come under pressure to resign from that body as well.
“The focus should shift to the legislative council. It is time for the banks to select someone more appropriate to represent them and for David Li to resign from that position,” says Webb.
Rumours of the SEC settlement surfaced in January, but were denied by Li. Final agreement to the terms of the settlement appears to have been stretched out so that the eventual announcement occurred on February 6 when local newspapers had stopped publishing for the Chinese New Year holiday.
When the newspapers resumed publishing, the Li story was kept off the front pages by a scandal involving the publication of hundreds of nude pictures of Hong Kong starlets on the internet which has transfixed the territory for the past fortnight.
However, the Li affair was kept alive by Webb who polled members of his website on the issue. Out of the 1,200 participants in the poll, 93.4% voted that Li should resign from Exco, 89.4% that he should step down from Legco, and 67% that he should resign as chairman and CEO of Bank of East Asia.
Webb sent the poll results together with an open letter to Donald Tsang. “If you wish your administration to have the respect of the public and international community, then you must require Mr Li to step down from the executive council without further delay. Good governance demands it. Please put Hong Kong’s reputation as an international financial centre ahead of your personal friendship. We cannot allow a perception that the elite can buy their way out of allegations (at a cost greater than most citizens will earn in a lifetime) and retain public office,” he wrote.
Li has been a Legco member for the financial services functional constituency since it was set up in 1985. During that period he has been challenged once – in 2000 – though he won with a wide majority.
The feeling among some commentators is that if Li stays in Legco and ignores the views of the public then this simply undermines the lack of accountability inherent in functional constituencies.
In light of the SEC settlement, the Hong Kong Monetary Authority (HKMA), as part of its statutory oversight of the banking industry, is obliged to consider whether Li, who is both chairman and CEO of BEA, is a fit and proper person to continue in these roles under its guidelines. Standards for banking executives are considerably higher than for ordinary company directors as public money is involved.
The HKMA has so far remained silent on the issue, saying that the banking ordinance prevents it from commenting on individual cases.
It is possible that the HKMA may ask the bank to find another CEO. Although the BEA board has come out in support of Li, it could be that the bank may use the occasion to address the issue of succession since Li will be 69 in March.
In addition, the Li family is thought to have only about 15% of the bank’s shares though it is not clear how these will be voted given the disparate nature of the family. The family’s hold on the bank is fairly tenuous as was demonstrated some years ago when a general mandate to issue new shares without a rights issue was voted down by institutional shareholders. In recent years it has been regarded as a possible takeover target, though it took on significant minority shareholders last year with BOC (HK) acquiring a 4.9% stake and Spanish Bank La Caixa an 8.9% stake.
Li sits on a number of prominent government committees. These include the HKSAR Banking Advisory Committee, which advises the chief executive on banking and financial issues. Li, possibly because he is the legislative member for the sector, has been a member of this committee since 1981 while others have served no more than the normal six years. His current term is due to end in December this year. Rather than asking him to resign, the HKMA may take the more diplomatic approach of not reappointing him. Indeed this is likely to be the route that other organisations of which is a member will also take if they feel it is inappropriate for him to remain with their organisation.
Li is also on the HKSAR Land Fund Advisory Committee and the Mandatory Provident Fund Schemes Authority. He is chairman of the Chinese Banks Association, pro-chancellor of the University of Hong Kong and chairman of the Hong Kong Management Association.
He is either a director or non-executive director of the following listed companies: Cable & Wireless HKT, Hong Kong and China Gas, China Merchants China Direct Investments, China Overseas Land & Investment, COSCO Pacific, FPB Bank Holding Company, San Miguel Brewery, Sime Derby, SCMP Group, Vitasoy International and Henderson Cyber.
BEIJING (XFN-ASIA) – The World Bank will name a Chinese academic, Justin Lin, as its next chief economist, the Wall Street Journal reported.
The report said the move is intended to increase the presence of the developing world in the bank’s senior management.
Lin, 55, also known as Lin Yifu, replaces Francois Bourguignon, who retired in October, the report said.
Lin founded the China Center for Economic Research at Peking University, and advises the Chinese government. He will be the first Chinese citizen to be the bank’s chief economist.
The newspaper said final approval by the bank’s governing board is expected by the end of the month.
Trina Solar (NYSE:TSL) Ltd. said Thursday it has accepted the resignation of Sean Shao, the company’s chief financial officer, who is leaving the company to pursue other interests.
The China-based manufacturer of solar-power (OTCBB:SOPW) products said Terry Wang will replace Shao, who will leave the company March 31.
Wang recently joined the company as senior vice president of finance. Prior to joining Trina Solar, Wang served as executive vice president of finance for Spreadtrum Communications Inc. (NASDAQ:SPRD)
Shares of the company closed Wednesday at $37.58.
Chinese online game operator The9 Limited has announced that its senior vice president and CFO, Hannah Lee, is resigning her position effective February 2008 to pursue other interests. The company says it is searching for a new CFO, and expects to announce that person’s appointment prior to Lee’s departure.
The9 both operates and develops games in the Chinese market, either directly or through affiliates. Most notably, it operates Blizzard’s World of Warcraft in the region, in addition to Granado Espada and its first proprietary title, Joyful Journey West in mainland China.
The company has also recently obtained licenses to operate Guild Wars, Hellgate: London, Ragnarok Online 2, Emil Chronicle Online, Huxley, FIFA Online 2, Audition 2, Field of Honor and the original Audition. It currently has two additional proprietary titles, Fantastic Melody Online and Warriors of Fate Online, in development.
Said Lee, “It has been my pleasure to serve as the Chief Financial Officer of The9 for over four years. I believe the company remains well- positioned in the growing online game industry. With its rich and diversified game portfolio, I believe The9 will continue to enjoy long-term growth and deliver sustained growth for its employees and shareholders.”
SHANGHAI, China, Jan. 16 /Xinhua-PRNewswire/ — Linktone Ltd. , a leading provider of interactive media and entertainment products and services to consumers in China, announced today the resignation of Chief Financial Officer — Colin Sung, effective January 31, 2008. Mr. Sung has also resigned as a member of the board of directors of Linktone.
Mr. Sung is expected to remain with Linktone in a consulting capacity for a transition period in order to assist the company with the planned strategic investment by PT Media Nusantara Citra Tbk. Mr. Sung informed the company that he is leaving his position as Linktone’s Chief Financial Officer to pursue other interests.
Foo Him Tiem, the Deputy Chief Financial Officer of Linktone, has been appointed as the acting Chief Financial Officer of the company. Ms. Foo Him Tiem joined Linktone in June 2004. Linktone plans to begin its search for a permanent Chief Financial Officer and will announce a successor when this process is completed.
Mr. Sung said, “It has been my pleasure to serve as Chief Financial Officer of Linktone for the past 2 and a half years. I believe that the company is well-positioned with strong initiatives and ample opportunity to achieve long-term value for its shareholders.”
Michael Li, Linktone’s Chief Executive Officer, commented, “On behalf of the board of directors and Linktone’s management, I would like to extend our sincere thanks to Colin. His hard work and contributions are most appreciated by the company. We wish him the very best in his future endeavors.” Mr. Li added, “We are also committed to identifying a highly qualified permanent CFO in the near term.”
About Linktone Ltd.
Linktone Ltd. is one of the leading providers of wireless interactive entertainment services to consumers and advertising services to enterprises in China. Linktone provides a diverse portfolio of services to wireless consumers and corporate customers, with a particular focus on media, entertainment and communications. These services are promoted through the Company’s and our partners cross-media platform which merges traditional and new media marketing channels, and through the networks of the mobile operators in China. Through in-house development and alliances with international and local branded content partners, the Company develops, aggregates, and distributes innovative and engaging products to maximize the breadth, quality and diversity of its offerings.
FORWARD-LOOKING STATEMENTS
This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward- looking statements by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that Linktone will not be able to locate and retain suitable people for its board of directors and middle and senior management; current or future changes in the policies of the PRC Ministry of Information Industry and the mobile operators in China or in the manner in which the operators enforce such policies; the risk that other changes in Chinese laws and regulations, or in application thereof by other relevant PRC governmental authorities, could adversely affect Linktone’s financial condition and results of operations; the risk that Linktone will not be able to compete effectively in the wireless value-added services market in China for whatever reason, including competition from other service providers or penalties or suspensions for violations of the policies of the mobile operators in China; the risk that Linktone will not be able to develop and effectively market innovative services; the risk that Linktone will not be able to effectively control its operating expenses in future periods or make expenditures that effectively differentiate Linktone’s services and brand; and the risks outlined in Linktone’s filings with the Securities and Exchange Commission, including its registration statement on Form F-1 and annual report on Form 20-F. Linktone does not undertake any obligation to update this forward-looking information, except as required under applicable law.
NOTICE TO INVESTORS
This announcement is neither an offer to purchase nor a solicitation of an offer to sell securities by any person. The offer for the outstanding shares of Linktone described in this announcement has not commenced. Any offers to purchase or solicitations of offers to sell will be required to be made pursuant to offer documents filed with the U.S. Securities and Exchange Commission (the “SEC”) in accordance with U.S. securities laws.
The offer documents required under U.S. laws, including Linktone’s recommendation statement, will contain important information, and shareholders and potential investors are urged to read them carefully when they become available before making any decision with respect to any offer. The recommendation statement and other documents filed with or furnished to the SEC are available for free at the SEC’s website ( http://www.sec.gov ). Free copies of these documents can also be obtained by directing a request to Linktone through the investor relations contacts listed above.
For more information, please contact:
Edward Liu
Linktone Ltd.
Tel: +86-21-6361-1583
Email: edward.liu@linktone.com
Brandi Piacente
The Piacente Group, Inc.
Tel: +1-212-481-2050
Email: brandi@thepiacentegroup.com