Santech Holdings Announces Changes to Board of Directors and Senior Management
Santech Holdings (NASDAQ: STEC) has announced significant changes to its Board of Directors and senior management. Lawrence Wai Lok has been appointed as both Chairman of the Board and CEO, following the removal of directors Han Hongwei and Wang Dian who were unable to fulfill their duties for an extended period.
The company has strengthened its corporate governance by appointing two new Independent Directors: Howard Chan, a US Certified Public Accountant with extensive corporate finance experience in China and Hong Kong, and Geoffrey Kam, a Hong Kong solicitor specializing in various litigation matters. Chan will join the Audit Committee, which is now fully comprised of three independent directors.
These appointments are part of Santech's efforts in restructuring and strategic transformation, bringing additional expertise in legal, finance, and accounting to the Board.
Santech Holdings (NASDAQ: STEC) ha annunciato significative modifiche al suo Consiglio di Amministrazione e alla direzione senior. Lawrence Wai Lok è stato nominato sia Presidente del Consiglio che CEO, a seguito della rimozione dei direttori Han Hongwei e Wang Dian, che non sono stati in grado di assolvere ai loro doveri per un lungo periodo.
L'azienda ha rafforzato la sua governance aziendale nominando due nuovi Direttori Indipendenti: Howard Chan, un Commercialista Pubblico Certificato statunitense con una vasta esperienza nella finanza aziendale in Cina e Hong Kong, e Geoffrey Kam, un avvocato di Hong Kong specializzato in varie questioni di contenzioso. Chan entrerà a far parte del Comitato di Revisione, che ora è composto interamente da tre direttori indipendenti.
Queste nomine fanno parte degli sforzi di Santech per la ristrutturazione e la trasformazione strategica, portando ulteriore esperienza legale, finanziaria e contabile al Consiglio.
Santech Holdings (NASDAQ: STEC) ha anunciado cambios significativos en su Junta Directiva y en la alta dirección. Lawrence Wai Lok ha sido nombrado tanto Presidente de la Junta como CEO, tras la destitución de los directores Han Hongwei y Wang Dian, quienes no pudieron cumplir con sus funciones durante un período prolongado.
La empresa ha fortalecido su gobernanza corporativa al nombrar a dos nuevos Directores Independientes: Howard Chan, un Contador Público Certificado de EE. UU. con amplia experiencia en finanzas corporativas en China y Hong Kong, y Geoffrey Kam, un abogado de Hong Kong especializado en diversos asuntos de litigio. Chan se unirá al Comité de Auditoría, que ahora está compuesto completamente por tres directores independientes.
Estos nombramientos son parte de los esfuerzos de Santech en la reestructuración y transformación estratégica, aportando experiencia adicional en legal, finanzas y contabilidad a la Junta.
산테크 홀딩스 (NASDAQ: STEC)는 이사회 및 고위 경영진에 대한 중요한 변화를 발표했습니다. 로렌스 와이 록이 이사회 의장과 CEO로 임명되었으며, 이는 장기간 동안 직무를 수행할 수 없었던 한홍웨이와 왕디안 이사의 해임에 따른 것입니다.
회사는 두 명의 새로운 독립 이사를 임명하여 기업 거버넌스를 강화했습니다: 하워드 찬, 중국과 홍콩에서 폭넓은 기업 재무 경험을 가진 미국 공인 회계사, 그리고 제프리 캄, 다양한 소송 문제를 전문으로 하는 홍콩 변호사입니다. 찬은 이제 독립 이사 세 명으로 완전히 구성된 감사 위원회에 합류할 예정입니다.
이러한 임명은 산테크의 구조조정 및 전략적 변혁 노력의 일환으로, 이사회에 법률, 재무 및 회계 분야의 추가 전문성을 가져오고 있습니다.
Santech Holdings (NASDAQ: STEC) a annoncé des changements significatifs au sein de son Conseil d'Administration et de sa direction. Lawrence Wai Lok a été nommé à la fois Président du Conseil et PDG, suite au retrait des directeurs Han Hongwei et Wang Dian qui n'ont pas pu remplir leurs fonctions pendant une période prolongée.
L'entreprise a renforcé sa gouvernance d'entreprise en nommant deux nouveaux Directeurs Indépendants : Howard Chan, un Expert-Comptable Certifié américain avec une vaste expérience en finance d'entreprise en Chine et à Hong Kong, et Geoffrey Kam, un avocat de Hong Kong spécialisé dans divers litiges. Chan rejoindra le Comité d'Audit, qui est désormais entièrement composé de trois directeurs indépendants.
Ces nominations font partie des efforts de Santech en matière de restructuration et de transformation stratégique, apportant une expertise supplémentaire en matière juridique, financière et comptable au Conseil.
Santech Holdings (NASDAQ: STEC) hat bedeutende Änderungen in seinem Vorstand und der Geschäftsführung angekündigt. Lawrence Wai Lok wurde zum Vorsitzenden des Vorstands und CEO ernannt, nachdem die Direktoren Han Hongwei und Wang Dian, die über einen längeren Zeitraum ihre Pflichten nicht erfüllen konnten, abberufen wurden.
Das Unternehmen hat seine Unternehmensführung gestärkt, indem es zwei neue unabhängige Direktoren ernannt hat: Howard Chan, einen in den USA zertifizierten Wirtschaftsprüfer mit umfangreicher Erfahrung in der Unternehmensfinanzierung in China und Hongkong, und Geoffrey Kam, einen Anwalt aus Hongkong, der auf verschiedene Streitigkeiten spezialisiert ist. Chan wird dem Prüfungsausschuss beitreten, der jetzt vollständig aus drei unabhängigen Direktoren besteht.
Diese Ernennungen sind Teil von Santechs Bemühungen um Umstrukturierung und strategische Transformation, die zusätzliche Expertise in den Bereichen Recht, Finanzen und Buchhaltung in den Vorstand bringen.
- Strengthened corporate governance with appointment of two qualified Independent Directors
- Audit Committee now fully comprised of independent directors
- Added expertise in finance, accounting, and legal matters through new board appointments
- Removal of two directors due to inability to fulfill duties indicates previous governance issues
- Significant leadership turnover may create temporary operational uncertainty
HONG KONG, March 11, 2025 (GLOBE NEWSWIRE) -- Santech Holdings Limited (NASDAQ: STEC) (the “Company”), today announced a number of changes to its Board of directors and senior management, as well as changes to enhance corporate governance and bring additional expertise to its Board of directors.
As Mr. Han Hongwei and Madame Wang Dian were unable to fulfil their duties as directors of the Company for an extended period of time, the Board has resolved to remove them from their positions on the Board of directors.
The Board has appointed Lawrence Wai Lok as Chairman of the Board, effective immediately. Mr. Lok will also assume the role of Chief Executive Officer and will continue to lead the Company’s efforts in restructuring and strategic transformation going forward.
In order to continuously strengthen the Company’s corporate governance, and to enlist additional expertise in the fields of legal, finance and accounting to the Board, the Board has also appointed two new Independent Directors to the Board, namely Mr. Howard Chan, and Mr. Geoffrey Kam, effective immediately.
Mr. Howard Chan, aged 39, is a Certified Public Accountant in the United States. Mr. Chan has extensive experience in corporate finance and transaction advisory in mainland China and Hong Kong. From 2022 to 2025, Mr. Chan was a Director of Corporate Finance and Capital Markets Transactions at Jones Lang LaSalle, based in Shanghai, focusing on real estate equity and debt advisory and investment sales for institutional clients in mainland China. Prior to that, Mr. Chan worked in various corporate finance, capital markets, and transaction advisory roles at Ernst and Young, Manulife, Cushman & Wakefield, and Briscoe Wong Ferrier in both Hong Kong and mainland China. Mr. Chan received his Master of Finance from Tsinghua University in 2013, and his bachelor degree in Business Administration from Albertson College of Idaho in 2006.
Mr. Chan will also join the Audit Committee of the Board. The Audit Committee of the Board is now comprised entirely of three independent directors, namely Janet Chen, Joel Gallo, and Howard Chan.
Mr. Geoffrey Kam, aged 42, is a solicitor practicing in Hong Kong. Mr. Kam has wide experience in a broad range of litigation matters including commercial litigation, contract disputes, criminal litigation, family laws, and wills and probate matters. Mr. Kam is currently a Consultant at Messrs. Boase Cohen & Collins. Previously Mr. Kam was a Partner at a law firm in Hong Kong. Mr. Kam holds dual degrees in law and commerce from Monash University in Melbourne and a Postgraduate Certificate in Laws from City University of Hong Kong. Mr. Kam also actively serves the community and public bodies in Hong Kong, most recently serving as a member of the Hong Kong SAR government’s Panel of Film Censorship Advisers, and the Law Society of Hong Kong’s Members Benefit Committee.
Lawrence Wai Lok, Chairman and CEO, commented, “We are making changes. Step by step we are rebuilding our businesses, and we are seeking new growth opportunities. I also want to thank our past and present Board members for all of their contributions to the Company.”
About Santech Holdings Limited
Santech Holdings Limited (NASDAQ: STEC) is a consumer-focused technology company. The Company historically served a large number of high net-worth clients in China in financial services and health management, and accumulated a large customer base. The Company has exited or disposed of its historical businesses in financial services and is actively exploring innovative new opportunities in technology, including but not limited to new retail, social e-commerce and metaverse. For more information, please visit https://ir.santechholdings.com.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to 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 “anticipate,” “estimate,” “forecast,” “plan,” “project,” “potential,” “continue,” “ongoing,” “expect,” “aim,” “believe,” “intend,” “may,” “should,” “will,” “is/are likely to,” “could” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Contact:
Santech Holdings Limited
Email: ir@santechholdings.com
FAQ
What major leadership changes did Santech Holdings (STEC) announce in March 2025?
Who are the new Independent Directors appointed to Santech Holdings (STEC) board?
What is the current composition of STEC's Audit Committee after the board changes?
Why were directors Han Hongwei and Wang Dian removed from Santech Holdings' board?
