Fenbi (02469.HK): Zhang Xiaolong Steps Down from All Roles, Sheng Haiyan Takes Helm as Authorized Representative
NewTimeSpace.comreports, Fenbi Ltd. (Stock Code: 2469) announced that Mr. Zhang Xiaolong has resigned as executive director, chief executive officer, chairman of the board, member of the board remuneration committee and chairman of the board nomination committee due to the need to attend to other personal affairs, effective from the date of this announcement. Following his resignation, Mr. Zhang will no longer hold any position in the group, but will continue to provide strategic advice to the company if needed. Mr. Zhang's previous responsibilities for the group's overall strategic planning, business development and operations, as well as overall technology and curriculum development, will be transferred to Ms. Sheng Haiyan.
Mr. Zhang has confirmed that he has no disagreements with the board and there are no matters relating to his resignation that need to be brought to the attention of shareholders or the Stock Exchange. His resignation will not affect the validity or continuity of the acting-in-concert arrangement.
The board is pleased to announce that Ms. Sheng Haiyan will be appointed as executive director, chief executive officer and chairman of the board, effective from 8 July 2026. Ms. Sheng, aged 42, is the company's vice president responsible for the overall management of the group's book distribution and sales, and joined the group in February 2015. She holds a bachelor's degree in business administration from Shandong Normal University and a master's degree in economics from Renmin University of China. As at the date of this announcement, Ms. Sheng holds 1,786,500 shares, 1,925,000 unvested restricted shares and share options involving 150,000 shares. She has entered into a three-year letter of appointment and will not receive additional director's fees for serving as executive director.
Under Code Provision C.2.1 of the Corporate Governance Code, the roles of chairman and chief executive officer should be separate and not performed by the same individual. Ms. Sheng will hold both roles. The board believes that vesting both roles in the same person is beneficial to the group's management and ensures consistent internal leadership, making the group's overall strategic planning more effective and efficient. The balance of power and authority is not compromised and is safeguarded by the senior management and the board.
Ms. Sheng has been appointed as a member of the remuneration committee and chairman of the nomination committee, and as the company's authorized representative under Rule 3.05 of the Listing Rules, all effective from 8 July 2026. As at the date of this announcement, the company's authorized representatives are Ms. Sheng and Ms. Wang Tao.
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