Niu Technologies Announces Changes to Board and Committee Compositions

Rhea-AI Summary

Niu Technologies (NASDAQ: NIU) announced on August 17, 2020, changes to its board of directors. Mr. Xiaojun Li has resigned as an independent director and from both the audit and compensation committees; his departure did not stem from any disagreement with the Company. Mr. John Jinshu Zhang will replace Li on the Audit Committee. Following these changes, the Board now comprises seven members, five of whom are independent directors. NIU is recognized for its innovative electric bicycles and motorcycles, catering to urban mobility needs.

Positive

• Appointment of John Jinshu Zhang to the Audit Committee enhances board expertise.
• Board remains comprised of five independent directors, supporting governance practices.

Negative

• Resignation of Xiaojun Li may indicate underlying issues, despite lack of disagreement.

BEIJING, Aug. 17, 2020 (GLOBE NEWSWIRE) -- Niu Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today announced changes to its board of directors (the “Board”) and committees of the Board.  Mr. Xiaojun Li has resigned as an independent director from the Board and as a member of each of the audit committee and compensation committee of the Board.  Mr. Xiaojun Li’s resignation did not result from any disagreement with the Company.

Mr. John Jinshu Zhang will join the Audit Committee as a member.  After the changes, the Board will consist of seven members, five of whom are independent directors, including Ms. Jenny Hongwei Lee, Mr. Changqing Ye, Mr. Mei-Wei Cheng, Mr. Julian Juul Wolhardt and Mr. John Jinshu Zhang.

About NIU

As the world’s leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric bicycles and motorcycles.  NIU has a product portfolio consisting of seven series, four e-scooter series, including NQi, MQi and UQi with smart functions and Gova, two urban commuter electric motorcycles series RQi and TQi, and a performance bicycle series, NIU Aero.  Different series of products address the needs of different segments of modern urban residents and resolve the demands of different scenarios of urban travel, while being united through a common design language that emphasizes style, freedom and technology.  NIU has adopted an omnichannel retail model, integrating the offline and online channels, to offer the products and services.  For more information, please visit www.niu.com.

Safe Harbor Statement

This press release contains statements that may constitute forward-looking statements made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.  These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements.  NIU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties.  Statements that are not historical facts, including statements about NIU’s beliefs, plans and expectations, are forward-looking statements.  Forward-looking statements involve inherent risks and uncertainties.  A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIU’s strategies; NIU’s future business development, financial condition and results of operations; NIU’s ability to maintain and enhance its “NIU” brand; its ability to innovate and successfully launch new products and services; its ability to maintain and expand its offline distribution network; its ability to satisfy the mandated safety standards relating to e-scooters; its ability to secure supply of components and raw materials used in e-scooters; its ability to manufacture, launch and sell smart e-scooters meeting customer expectations; its ability to grow collaboration with operation partners; its ability to control costs associated with its operations; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing.  Further information regarding these and other risks is included in NIU’s filings with the Securities and Exchange Commission.  All information provided in this press release is as of the date of this press release, and NIU does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Niu Technologies
Jason Yang
Investor Relations Manager
E-mail: ir@niu.com

FAQ

What changes occurred in Niu Technologies' board of directors on August 17, 2020?

On August 17, 2020, Mr. Xiaojun Li resigned from the board and the audit and compensation committees, while Mr. John Jinshu Zhang joined the Audit Committee.

How many independent directors are on Niu Technologies' board after the recent changes?

After the changes, Niu Technologies' board consists of seven members, with five being independent directors.

What is the significance of changes in the board of directors for Niu Technologies?

Changes in the board can impact corporate governance and strategic direction, potentially affecting investor confidence.

Does the resignation of Xiaojun Li affect Niu Technologies' stock performance?

While the resignation did not result from a disagreement, it may raise questions about governance and stability, which can influence stock performance.