Niu Technologies Announces Management Change

Rhea-AI Summary

Niu Technologies (NIU) announced the resignation of Mr. Hardy Peng Zhang as Chief Financial Officer, effective September 30, 2021, due to personal reasons. A search for a new CFO is underway, with Zhang set to assist during the transition for three months. Dr. Yan Li, CEO, expressed gratitude for Zhang’s contributions, emphasizing his role in financial management and key company milestones. NIU continues to focus on providing smart urban mobility solutions, offering a diverse range of electric vehicles.

Positive

• Mr. Hardy Peng Zhang will continue as an advisor for three months to ensure a smooth transition.
• CEO Dr. Yan Li acknowledged Zhang's significant contributions, indicating strong leadership continuity.

Negative

• The resignation of the CFO may create temporary uncertainty regarding financial management.

BEIJING, Sept. 22, 2021 (GLOBE NEWSWIRE) -- Niu Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today announced that Mr. Hardy Peng Zhang has tendered his resignation as the Company’s chief financial officer due to personal reasons, effective September 30. The Company has initiated active search and a new chief financial officer will be on board soon. Mr. Zhang will continue to work closely with the Company for next three months as an advisor to facilitate a smooth transition.

Dr. Yan Li, Chief Executive Officer of the Company, said, “We would like to thank Hardy for his contributions to the Company over the years. Hardy played a crucial role helping NIU to achieve various key milestones and drive for stronger financial management. We wish him the best with his future endeavors.”

About NIU

As the world’s leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric motorcycles, scooters, bicycles and kick-scooters. NIU has a product portfolio consisting of eight series, four electric scooter series, including NQi, MQi, UQi and Gova, two urban commuter electric motorcycle series RQi and TQi, a performance electric bicycle series, NIU Aero, and an electric kick-scooter series, KQi. 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 forward-looking statements. These statements are 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. 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.

Investor Relations Contact:

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

FAQ

Who is the new CFO of NIU after Hardy Peng Zhang's resignation?

A new CFO for NIU is currently being sought, and there is no information on who will fill the position yet.

When did Hardy Peng Zhang resign from NIU?

Hardy Peng Zhang's resignation is effective September 30, 2021.

What role will Hardy Peng Zhang play after resigning from NIU?

He will serve as an advisor for three months to help with the transition.

What comments did the CEO make about Hardy Peng Zhang's resignation?

CEO Dr. Yan Li thanked Zhang for his contributions, highlighting his influence on financial management.

How might Hardy Peng Zhang's resignation affect NIU investors?

Investors may experience temporary uncertainty regarding the company's financial management.