Rakuten on April 25
Lianlian Digital (stock code: "02598"), a Hong Kong-listed company that has only been listed for one month, announced today that it announced a management adjustment, and Lianlian Digital announced that Xue Qiangjun resigned as the company's executive director and chief financial officer and continued to serve as the company's deputy general manager.
Lian Lian said that Xue Qiangjun should devote more energy to other management affairs. Xue Qiangjun confirmed that there was no difference of opinion between him and the Board.
LianLian Digital has appointed Wei Ping, former CFO of Red, Yellow and Blue, as the Company's Executive Director and Chief Financial Officer, effective April 25, 2024.
According to the information, Wei Ping, aged 52, joined Lianlian Digital in June 2023 and is primarily responsible for the financial planning, financial management and financial reporting of the Group.
Wei Ping is a CFO professional with rich financial experience. Wei Ping has served as the President and Chief Financial Officer of New Oriental Education & Technology Group in North America, CFO of Zhengbao Distance Education Group, CFO of Red, Yellow and Blue, CFO of Shihuituan, and CFO of Danai Education.
Ping Wei served as the chief financial officer of Lazada Plc from July 2016 to May 2017 and Gravitas Education Holdings, Inc. from May 2017 to May 2019. Chief Financial Officer, Chief Financial Officer of Shihuituan from May 2019 to July 2022, and CFO of Danai Education from August 2022 to June 2023.
She received her bachelor's degree in international accounting from the Central University of Finance and Economics in 1993 and has worked at Deloitte Tohmatsu in Toronto and Arthur Andersen in Beijing.
Lianlian Digital was listed on the Hong Kong Stock Exchange on March 20, 2024, with an issue price of HK$10.22, issuing 64.3 million shares, raising a total of HK$657 million, and net proceeds of HK$548 million after deducting listing expenses.
According to the annual report, Lianlian Digital's revenue in 2020, 2021, 2022, and 2023 will be 589 million yuan, 644 million yuan, 743 million yuan, and 1.028 billion yuan respectively, and the losses during the period will be 368 million yuan, 747 million yuan, 917 million yuan, and 654 million yuan respectively.
As of December 31, 2023, Lianlian Digital's operating cash flow was 94.6 million yuan, which has turned from negative to positive. As of today's close, Lianlian Digital's share price was HK$9.7, with a market capitalization of HK$10.467 billion.
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