China Finance Online Appoints Wumei CEO as Independent Director
China Finance Online (Nasdaq: JRJC) announced the appointment of Bin Zhang as an independent director, effective November 29, 2021. Zhang, CEO of Wumei Group, brings extensive retail experience and will serve on the Audit, Compensation, and Corporate Governance Committees. Frank J. Mitsch was elected as the new Chairman of the Audit Committee. The board's expansion aims to enhance the company's technology-driven wealth management services and overall governance, reflecting confidence in Zhang’s expertise to drive future growth.
- Appointment of Bin Zhang as independent director may enhance governance and strategic direction.
- Zhang's experience with Wumei Group could strengthen technology-enabled wealth management services.
- Concerns about continuity and experience gaps due to leadership changes.
- The company faces substantial doubt about its ability to continue as a going concern.
BEIJING, Dec. 1, 2021 /PRNewswire/ -- China Finance Online Co. Limited ("China Finance Online", or the "Company", "we", "us" or "our") (Nasdaq: JRJC), a leading web-based financial services company that provides Chinese individual investors with fintech-powered online access to securities trading services, wealth management products, securities investment advisory services, as well as financial database and analytics services to institutional customers, today announced that the Company's board of directors (the "Board") has approved the appointment of Mr. Bin Zhang as an independent director of the Company, effective as of November 29, 2021. Mr. Zhang will serve as a member of the Audit, Compensation, and Corporate Governance and Nominating Committees, respectively. The Board has also elected current director, Mr. Frank J. Mitsch, as the new Chairman of the Audit Committee, effective as of November 29, 2021.
Mr. Bin Zhang is the Chief Executive Officer of Wumei Group, one of the largest and earliest omni-channel retailers with significant online and offline presence in China with over 2,000 brick-and-mortar stores. Mr. Zhang was instrumental in the establishment of Wumei Group in 1994, and successively served as a department head, branch head and vice president. He is now also a vice president of the China Chain Store & Franchise Association (CCFA). Mr. Zhang received a bachelor's degree in electric power engineering from Huazhong University of Science and Technology and a master's degree in control theory and application from the Chinese Academy of Sciences.
Dr. Z. James Chen, Chairman and CEO of China Finance Online commented, "We are delighted to have Mr. Bin Zhang joining our board as we embark on an exciting journey to perfect our technology-enabled wealth management services. Mr. Zhang's substantial and successful business experience can provide invaluable contributions to our future success."
About China Finance Online
China Finance Online Co. Limited is a leading web-based financial services company that provides Chinese individual investors with fintech-powered online access to securities trading services, wealth management products, securities investment advisory services, as well as financial database and analytics services to institutional customers. The Company's prominent flagship portal site, www.jrj.com, is ranked among the top financial websites in China. In addition to the web-based securities trading platform, the Company offers basic financial software, information services and securities investment advisory services to retail investors in China. Through its subsidiary, Shenzhen Genius Information Technology Co. Ltd., the Company provides financial database and analytics to institutional customers including domestic financial, research, academic and regulatory institutions. China Finance Online also provides brokerage services in Hong Kong.
Safe Harbor Statement
This press release contains forward-looking statements which constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. The statements contained herein reflect management's current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of the Company. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, this release contains the following forward-looking statements regarding:
- liquidity and sources of funding, including our ability to continue operating as a going concern;
- our prospect and our ability to attract new users;
- our prospect on building a comprehensive wealth management ecosystem through providing a fully-integrated online communication and securities-trading platform;
- our prospect on stabilization in cash attrition and improvement of our financial position;
- our initiatives to address customers' demand for intuitive online investment platforms and alternative investment opportunities; and
- the market prospect of the business of securities-trading, securities investment advisory and wealth management.
Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which risk factors and uncertainties include, amongst others, substantial doubt about ability to continue as a going concern, the outbreak of COVID-19 or other health epidemics in China or globally, changing customer needs, regulatory environment and market conditions that we are subject to; the uneven condition of the world and Chinese economies that could lead to volatility in the equity markets and affect our operating results in the coming quarters; the impact of the changing conditions of the mainland Chinese stock market, Hong Kong stock market and global financial markets on our future performance; the unpredictability of our strategic transformation and growth of new businesses; the prospect of our margin-related business and the degree to which our implementation of margin account screening and ongoing monitoring will yield successful outcomes; the degree to which our strategic collaborations with partners will yield successful outcomes; the prospects for China's high-net-worth and middle-class households; the prospects of equipping our customer specialists with new technology, tools and financial knowledge; wavering investor confidence that could impact our business; and possible non-cash goodwill, intangible assets and investment impairments may adversely affect our net income. Furthermore, we have recurring losses from operation and inability to generate sufficient cash flow to meet our obligation and sustain our operations and face uncertainty as to the operation impact of the COVID-19 outbreak, that raise substantial doubt about our ability to continue as a going concern. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F under "Forward-Looking Information" and "Risk Factors". The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For more information, please contact:
China Finance Online
+86-10-8336-3100
ir@jrj.com
Kevin Theiss
Awaken Advisors
(212) 521-4050
kevin@awakenlab.com
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SOURCE China Finance Online Co., Ltd.
FAQ
What recent leadership changes occurred at China Finance Online (JRJC)?
What is the significance of Bin Zhang's appointment to JRJC?
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