Lion Announces Change to Board of Directors

Rhea-AI Summary

Lion Group Holding Ltd. (NASDAQ: LGHL) announced the resignation of Mr. Shih-Chung Chou from its Board of Directors. Mr. Hua Luo, the chief operating officer, has been appointed as a director to fill the vacancy. Mr. Luo has been with the company since September 2017, holding various roles in its subsidiaries. The CEO, Chunning Wang, acknowledged Mr. Chou's contributions and expressed optimism about working with Mr. Luo to advance the company’s services and products aimed at Chinese investors.

Positive

• Appointment of Hua Luo as a new director may bring fresh perspectives and continuity in leadership.
• Mr. Luo has extensive experience in the financial services sector.

Negative

• Resignation of Shih-Chung Chou may raise concerns about leadership continuity.

HONG KONG, Oct. 9, 2020 /PRNewswire/ -- Lion Group Holding Ltd. ("Lion" or "the Company") (NASDAQ: LGHL), operator of an all-in-one trading platform that offers a wide spectrum of products and services with a focus on Chinese investors, today announced Mr. Shih-Chung Chou resigned from his position as a director of the Board of Directors (the "Board").

Mr. Hua Luo, the Company's chief operating officer, was appointed as a director of the Board to fill the vacancy created by Mr. Chou's resignation, effective immediately. Mr. Luo joined the Company in September 2017 and has since served as the director, the responsible officer and the chief risk officer in a number of the Company's subsidiaries. Prior to joining the Company, Mr. Luo has extensive working experience in the financial service industry, previously holding roles at HGNH International Financial Corporation Limited, China Maike Futures International Limited, and HGNH International Futures Co., Limited. Mr. Luo received his bachelor's degree in business administration from Chongqing University in 2007 and his master's degree in e-commerce from The Hong Kong Polytechnic University in 2008.

"We thank Mr. Chou for carrying out his role as director of the Board throughout the years and wish him success in his future endeavors," said Mr. Chunning (Wilson) Wang, Chief Executive Officer of Lion. "We look forward to working with Mr. Luo as we continue to deliver our services and develop innovative products to support the needs of our customers."

About Lion

Lion Group Holding Ltd. (NASDAQ: LGHL) operates an all-in-one trading platform that offers a wide spectrum of products and services with a focus on Chinese investors. Through its state-of-the-art technology, Lion offers contract-for-difference (CFD) trading, insurance brokerage, futures brokerage, and securities brokerage on its platform, which can be accessed through applications available on the iOS, Android, Windows, and macOS systems. Lion's customers are well-educated and affluent Chinese individual investors residing both inside and outside the PRC as well as institutional clients in Hong Kong. Additional information may be found at http://ir.liongrouphl.com.

Forward-Looking Statements

This press release contains, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Lion's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Lion's expectations with respect to future performance and anticipated financial impacts of the Business combination, the satisfaction of the closing conditions to the business combination and the timing of the completion of the business combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of Lion and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability to maintain the listing of the post-acquisition company's ADSs on NASDAQ following the business combination; (2) the risk that the business combination disrupts current plans and operations as a result of the announcement and consummation of the transactions described herein; (3) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (4) costs related to the business combination; (5) changes in applicable laws or regulations; (6) the possibility that Lion may be adversely affected by other economic, business, and/or competitive factors; and (7) other risks and uncertainties to be identified in the proxy statement/prospectus relating to the business combination, including those under "Risk Factors" therein, and in other filings with the Securities and Exchange Commission ("SEC") made by Lion. Lion cautions that the foregoing list of factors is not exclusive. Lion cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Lion does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law.

Contacts

Lion Group Holding
Tel: +852 2820 9011
Email: ir@liongrouphl.com

ICR, LLC
William Zima
Tel: +1 203 682 8233
Email: ir@liongrouphl.com

View original content:http://www.prnewswire.com/news-releases/lion-announces-change-to-board-of-directors-301149576.html

SOURCE Lion Group Holding Ltd.

FAQ

What prompted the resignation of Shih-Chung Chou from Lion Group's Board?

The press release did not specify the reasons for Mr. Chou's resignation.

Who is Hua Luo, and what is his role in Lion Group after the recent changes?

Hua Luo is the chief operating officer of Lion Group and has been appointed as a director of the Board following Mr. Chou's resignation.

What is the significance of the management change for Lion Group (LGHL)?

The management change could influence strategic directions, emphasizing continuity and experienced leadership with Mr. Luo's extensive background in financial services.

When did Hua Luo join Lion Group, and what prior experience does he have?

Hua Luo joined Lion Group in September 2017 and has held several key roles in the company and its subsidiaries. He has a background in financial services.