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Wu Xiongang, CEO of Anmou Technology, was "unilaterally" removed by the board of directors.
On April 29, a press release issued in the name of "Board of Directors of Anmou Technology (China) Co., Ltd." said that the board of directors passed a unanimous resolution in accordance with the company's articles of association and relevant laws and regulations to remove Wu Xiongang, former chairman and CEO of Anmou China.
The press release also said that Liu Renchen and Chen Ke should be hired as co-CEOs of Anmou China and complete the industrial and commercial registration in accordance with the law.
The press release comes from a PR firm owned by Arm in the UK.
Soon, however, Anmou Technology (China) Co., Ltd. came forward to "debunk the rumors":
The Company noted that the industrial and commercial registration of the Shenzhen Municipal Market Supervision and Administration Bureau shows that the members of the Board of Directors of the Company, as well as the legal representative and general manager of the Company have changed.
For a long time before the registration of this change of industry and commerce, there has been a dispute within the Company over the replacement of the board of directors and in the course of judicial proceedings, which means that at this stage, the Company cannot convene and form a valid company resolution.
In fact, the Company has never held any Board meetings in connection with the aforesaid changes, nor has it made any relevant corporate resolutions.
In other words, the dismissal of Wu Xiongang, Anmou Technology (China) Co., Ltd. is filing a lawsuit.
What is the point that the board wants to remove the CEO and the company disagrees?
SoftBank, Arm and Anmou Technology
It's not the first time Arm has wanted to oust Wu.
As early as 2020, Arm announced the dismissal of Wu Xiongang, chairman and CEO of Anmou Technology, on the grounds of "endangering the development of Anmou China, shareholders and stakeholders".
However, Anmou Technology did not pay attention to this matter at that time, and now Wu Xiongang is still the chairman and CEO of Anmou Technology.
This is because Arm, which was established in the UK headquarters, did not obtain the actual controlling interest in Anmou Technology, although Anmou Technology is nominally "Arm China", but the Chinese capital has held more than half of the shares, reaching 51%.
Therefore, Arm and Anmou Technology are actually just a relatively deep relationship of cooperation in a sense.
Arm provides Arm architecture perpetual license for Anmou Technology, and Anmou Technology reverse licenses the products it develops that are compatible with arm architecture to Arm.
According to outside speculation, this re-mention of the old matter is related to Arm's pursuit of listing.
In February, SoftBank began to actively promote Arm's IPO process after the sale of Arm to Nvidia broke down, planning to go public in March next year.
Foreign media reported that Anmou Technology refused to provide financial audit data, and the lack of transparency in the financial situation of a key business unit would hinder Arm's listing process.
SoftBank has since tried to withdraw its investment, planning to transfer a stake in Anmou Technology to a company jointly held by Arm and Japan's SoftBank Group.
The company is not included in the listing plan, so that there is no need to audit the financial position of Anmou Technology.
Until now, this equity transfer has not been completed.
Removing Wu Xiongang was SoftBank's backhand.