BEIJING, May 25, 2021 /PRNewswire/ -- China Finance
Online Co. Limited ("China Finance Online", or the "Company", "we",
"us" or "our") (NASDAQ GS: 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 the following changes to
its board of directors (the "Board") and senior
management.
Mr. Zhiwei Zhao has resigned from
his position as the Chief Executive Officer of the Company (the
"CEO") and Dr. Z. James Chen has
been appointed as the CEO, effective as of May 24, 2021. Mr. Zhao continues to serve as a
director and the Chairman of the Board. Concurrently with the
appointment of the CEO, Dr. Chen becomes our executive director and
will step down as the chairman of the audit committee of the Board
(the "Audit Committee").
Ms. Ying Zhu has been appointed
as the Chief Financial Officer of the Company, effectively as of
May 24, 2021. Ms. Zhu served as our
Acting Chief Financial Officer since December 2019.
Ms. Xin Yue Jasmine Geffner has
been appointed as an independent director of the Board, effective
as of May 24, 2021. Ms. Geffner will
serve as the chairman of the Audit Committee and the Board has
determined that she qualifies as the financial expert of the Audit
Committee.
Mr. Jun Wang has resigned as a
director of the Company due to personal reasons, effective as of
May 18, 2021. Mr. Wang has
confirmed that he has no disagreement with the Board and that there
are no matters relating to his resignation which need to be brought
to the attention of the shareholders of the Company.
Dr. Z. James Chen has served as
our director since June 2015. He
served as the chief executive officer and the chief financial
officer of Origin Agritech from 2018 to 2020 and from 2012 to 2016.
Dr. Chen's previous professional experience includes the Chief
Financial Officer of Yunji Inc., a fast-growing e-commerce
business, investment manager at the Abu Dhabi Investment Authority
(ADIA), and senior equity analyst positions at Morgan Joseph and
BB&T Capital Markets. Dr. Chen also worked as a Product Manager
at Celanese and as a License Product Technology Manager at
Univation Technologies, a joint venture between ExxonMobil and Dow
Chemical. Dr. Chen received his Ph.D. Degree in Chemical
Engineering from the University of
Connecticut and his MBA degree from New
York University. Dr. Chen has a professional designation of
Chartered Financial Analyst ("CFA") and is a member of American
Institute of Certified Public Accountants. Dr. Chen also serves as
the legal representative for Beijing Baofeng Youping Limited and
the chairman of Supervisory Board of Zhejiang Jitai New Materials
Limited.
Ms. Xin Yue Jasmine Geffner, 49,
has been the Chief Financial Officer of Dorsett Hospitality
International Services Limited, a company listed on the Hong
Kong Stock Exchange (HKSE: 0035) since February 2019. She led the IPO of GreenTree
Hospitality Group Limited on New York Stock Exchange (NYSE: GHG) in
March 2018 and served as its Chief
Financial Officer from October 2017
to December 2018. Prior to that, Ms.
Geffner served as vice president in charge of corporate finance and
development in LeEco Asia Pacific from October 2016 to August
2017. She was an independent director of AG Semiconductor
(Hong Kong) Ltd. from April 2013 to April
2017. From August 2014 to
March 2016, she served as the Chief
Financial Officer of Carnival Group International Holdings Limited
(HKSE: 0996). From November 2008 to
January 2011, she served as a
director of corporate and institutional banking in ANZ Hong Kong.
From March 2005 to February 2008, she worked for HSBC as head of
China business development and as
a vice president of the consumer and retail group in New York. Ms. Geffner received a bachelor's
degree in international marketing and finance from the City University of New York in February 1994 and an MBA degree from the Stern
School of Business in New York
University in September 1997.
She is a Certified Public Accountant in Washington State, USA as well as Hong Kong. She is also a CFA charter
holder.
Ms. Ying Zhu joined our company
in July 2010 and has served as our
Director of Investor Relations, Director of Strategy, Assistant to
Chairman, Head of President Office and the Acting Chief Financial
Officer. She also serves as Vice President of Rifa Securities
Limited in Hong Kong. Ms. Zhu
obtained her Master of Law and Bachelor of Economics majoring in
Finance from International Business School of Beijing Language and
Culture University. Ms. Zhu has been awarded HKSI Institute
Specialist Certificates on Securities, Futures and Asset
Management.
The Board is thankful for Mr. Wang's long-term services and
significant contributions to the Company and wishes him the best in
his future endeavors. The Board is confident that the Company will
be able to drive its business growth under the continued leadership
of Mr. Zhao, Dr. Chen and Ms. Zhu, with the addition of Ms.
Geffner's valuable expertise and experience.
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.
