Danke Announces Changes to Board

Rhea-AI Summary

Danke, one of the largest co-living platforms in China, announced the appointment of Jason Zheng Zhang as a director on its board, effective June 16, 2020. Mr. Zhang, who has been CFO since 2019, has extensive experience in investment banking, previously working for Citigroup and BNP Prime Peregrine. Additionally, the company reported the resignation of Gang Ji as a board director effective June 14, 2020, due to personal reasons, with no disputes reported. Danke continues to aim for growth by leveraging technology in the rental market.

Positive

• Appointment of a qualified CFO to the board may enhance corporate governance.
• Jason Zheng Zhang's extensive experience in finance could provide valuable insights.

Negative

• Resignation of a board member could signal instability or changes in strategy.

BEIJING, June 16, 2020 /PRNewswire/ -- Phoenix Tree Holdings Limited ("Danke" or the "Company") (NYSE: DNK), one of the largest co-living platforms in China with the fastest growth, today announced that its Chief Financial Officer, Mr. Jason Zheng Zhang has been appointed as a director to the Company's board of directors (the "Board"), effective today. 

Prior to joining Danke as CFO in 2019, Mr. Zhang worked at Citigroup Global Markets Asia Limited from 2007 to 2019, with his last position being a managing director and the chief operating officer of China investment banking division. From 2005 to 2007, he served as a manager and senior manager of the investment banking division of BNP Prime Peregrine. He worked at the head office of China Ocean Shipping (Group) Company from 1996 to 2003. Mr. Zhang obtained a bachelor's degree in international finance from Nankai University in 1996. He obtained an MBA degree from the Robert H. Smith School of Business at University of Maryland in 2005.

The Company also announced that Mr. Gang Ji has resigned from his position as a director on the Company's Board due to personal reasons, effective June 14, 2020. The resignation of Mr. Ji was not the result of any dispute or disagreement with the Company or the Board on any matter relating to the Company's operations, policies, or practices. The Board thanks Mr. Ji for his contributions to the development of the Company during his tenure, and wishes him the best in his future endeavors.

ABOUT DANKE

Danke, one of the largest co-living platforms in China with the fastest growth, is redefining the residential rental market through technology and aims to help people live better. Empowered by data, technology, and a large-scale apartment network, Danke's vibrant and expanding ecosystem connects and benefits property owners, residents, and third-party service providers, and delivers quality and best-in-class services through an innovative "new rental" business model featuring centralization, standardization, and a seamless online experience. Danke was founded in 2015 and is headquartered in Beijing, China. For more information, please visit ir.danke.com.

CONTACTS

Investor Relations Contact
Danke IR
Email: ir@danke.com

Bill Zima
ICR, Inc.
Phone: +1 203-682-8200

Media Relations Contact
Danke PR
Email: pr@danke.com

Edmond Lococo
ICR, Inc.
Phone: +86 (10) 6583-7510

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SOURCE Phoenix Tree Holdings Limited

FAQ

Who was appointed to the board of Danke on June 16, 2020?

Jason Zheng Zhang was appointed as a director on Danke's board.

What position did Jason Zheng Zhang hold at Danke before joining the board?

He was the Chief Financial Officer (CFO) of Danke.

Why did Gang Ji resign from Danke's board?

Gang Ji resigned due to personal reasons.

Was there any dispute related to Gang Ji's resignation from Danke?

No, his resignation was not due to any dispute or disagreement.

What is Danke known for in the co-living market?

Danke is one of the largest co-living platforms in China, focusing on technological innovation in the residential rental market.