BEIJING, Aug. 27, 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
the board of directors of the Company (the "Board").
The Board has approved the appointments of Ms. Ying Zhu, Mr. Frank J.
Mitsch and Mr. Haimin Xu as
directors of the Company, effective as of August 27, 2021. Each of Mr. Zhiwei Zhao and Mr. Yaowei Zhang has resigned as a director of the
Company, effective as of August 23,
2021, and August 20, 2021,
respectively. The Board has also elected Dr. Z. James Chen as the Chairman of the Board,
effective as of August 27, 2021.
Ms. Ying Zhu has been serving as
our Chief Financial Officer since May
2021. She joined our Company in July 2010 and has
served as our Director of Investor Relations, Director of Strategy,
Assistant to the Chairman, Head of President's 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
degrees 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.
Each of Mr. Frank J. Mitsch and
Mr. Haimin Xu has been appointed as
an independent director of the Board and will serve as members of
the Audit Committee, Compensation Committee and Corporate
Governance and Nominating Committee, respectively.
Mr. Frank J. Mitsch co-founded
and is currently the President of Fermium Research following seven
years at Wells Fargo Securities, where he was a Managing Director.
Beginning his financial services career with Merrill Lynch, Mr.
Mitsch has over 20 years of experience in the industry, including
BB&T Capital Markets and JP Morgan H&Q. He's a member of
the 2017 and 2018 Institutional Investor's All-America Research
Team and received the Top Gun designation from Brendan Wood Intl in 2020. Mr. Mitsch has also
been named four times in The Wall Street Journal's Best on the
Street analyst survey for stock selection. Frank received his
Bachelor of Engineering degree from Stevens
Institute of Technology and an MBA in Finance from
Montclair State University.
Mr. Xu Haimin is a partner of Cybernaut Investment Group. He has
worked in China Ministry of
Aerospace, PricewaterhouseCoopers China, as Financial Management
Consultant, and China United Assets Appraisal Group as Vice General
Manager. He graduated from Nankai University with a bachelor's
degree and from School of Economics at Peking University with a
Master's degree.
The Board is thankful for Mr. Zhiwei
Zhao and Mr. Yaowei Zhang's
long-term services and significant contributions to the Company and
wishes them the best in their future endeavors. The Board is
confident that the Company will be able to drive its business
growth under the new leadership of the Board, with the addition of
Mr. Frank J. Mitsch, Mr.
Haimin Xu and Ms. Ying Zhu'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.
