Dragon Victory International Limited Announces Changes to Board Composition
December 12 2017 - 08:00AM
Dragon Victory International Limited (Nasdaq:LYL) (the “Company”),
a company that offers reward-based crowdfunding opportunities and
quality incubation services to entrepreneurs in China, today
announced changes to its Board of Directors (the “Board”).
The Company announced that Mr. Hongyu Zhang was appointed by the
Company’s Nominating Committee and approved by the Board as the
director of the Company’s Board, effective immediately, to replace
the departing director, Mr. Chao Fu Chen who has resigned on
December 12 for personal reasons. Mr. Chen will continue to serve
in his role as Chief Operating Officer in management team.
The Company announced that Mr. Wenbing Wang was appointed by the
Company’s Nominating Committee and approved by the Board as an
independent director of the Company’s Board, effective immediately,
to replace the departing independent director, Mr. Shenghua Zheng
who has resigned on December 12, 2017 for personal reasons. Mr.
Wenbing Wang will also serve as the chairman of the Company’s Audit
Committee.
The Company also announced that Mr. Bo Lyu was appointed and
approved by the Board as the Company’s Board Secretary, effective
immediately.
Mr. Hongyu Zhang has served as the Director of Sales for IBM
Greater China Region Business Unit. and was appointed as the
evaluation director of the Export-Import Bank of China Evaluation
department. As a serial entrepreneur Mr. Zhang has founded a number
of enterprises, and has received recognition for helping companies
to achieve substantial growth in profits in recent years, with
accurate investment judgment, unique strategic perspective, skilled
capital operation and rigorous business management through numerous
industry awards. Mr. Zhang graduated from China Foreign Affairs
University and the University of Alberta.
Mr. Wenbing Wang has served in key roles in U.S. listed Chinese
companies and prestigious financial institutions. In addition to
investment banking and private equity experience at Credit Suisse
First Boston (Hong Kong) Ltd., Century Investment Corporation, and
Redwood Capital, Mr. Wang has served as the President and Chief
Financial Officer of Fushi Copperweld, Inc. Mr. Wang holds a
bachelor’s degree in Scientific English from University of Science
and Technology Beijing and a MBA degree in Finance and Corporate
Accounting from University of Rochester.
Mr. Bo Lyu has a long track record most recently as an
investment manager in Hailiang Group Co. Ltd. and as the board
secretary of Hailiang Education Group Inc. (Nasdaq:HLG) Mr. Lyu
holds a bachelor’s degree in International Investment from Wuhan
University and a master degree in Finance from the National
Economics Department of Albert Ludwigs Universität Freiburg.
Mr. Jianjun Sun, Chairman and Chief Executive Officer of Dragon
Victory International Limited, commented, “On behalf of LYL, I
would like to thank Mr. Chao Fu Chen for his services for the
Company as the director, and I believe Mr. Chen will continue to
contribute more for the Company’s operational excellence as the
Chief Operating Officer going forward.” Mr. Sun continued: “I,
along with my fellow directors, would like to thank Mr. Shenghua
Zheng for his contributions to our successful initial public
offering in this year. We wish him the best in their future
endeavors.”
Mr. Xiaohua Gu, Chief Financial Officer of Dragon Victory
International Limited, added, “We are very pleased to welcome Mr.
Hongyu Zhang, Mr. Wenbing Wang and Mr. Bo Lyu to join LYL with
their extensive and successful experience in serving U.S. listed
companies. As we continue to grow our business and strengthen our
leadership position in Chinese crowdfunding industry, we are
confident their expertise and background will bring additional
value to our Company.”
About Dragon Victory International Limited
Incorporated in 2015 and headquartered in Hangzhou, Dragon
Victory International Limited (“LYL” or the “Company”) offers
reward-based crowdfunding opportunities in China to entrepreneurs
and funding sources through a fast-growing reward-based
crowdfunding platform. The online reward-based crowdfunding
platform, 5etou, at www.5etou.cn and designed to enable small and
medium sized companies, start-up companies and idea generators to
raise funding from participants through the Internet. The Company
also provides quality business incubation services and financial
services to entrepreneurs and business entities with funding needs
utilizing our crowdfunding platform. More information is available
at www.dvintinc.com.
Forward-Looking Statements
This press release contains information about the Company’s view
of its future expectations, plans and prospects that constitute
forward-looking statements. Actual results may differ
materially from historical results or those indicated by these
forward-looking statements as a result of a variety of factors
including, but not limited to, risks and uncertainties associated
with its ability to raise additional funding, its ability to
maintain and grow its business, variability of operating results,
its ability to maintain and enhance its brand, its development and
introduction of new products and services, the successful
integration of acquired companies, technologies and assets into its
portfolio of products and services, marketing and other business
development initiatives, competition in the industry, general
government regulation, economic conditions, dependence on key
personnel, the ability to attract, hire and retain personnel who
possess the technical skills and experience necessary to meet the
requirements of its clients, and its ability to protect its
intellectual property. The Company encourages you to review
other factors that may affect its future results in the Company’s
registration statement and in its other filings with the Securities
and Exchange Commission.
For more information, please contact:
Company Contact: Fred Gu, Chief Financial Officer
Email: gxh@dvintinc.com
Investor Contact: Tina Xiao, President Ascent Investor Relations
LLC Email: tina.xiao@ascent-ir.com Phone: +1-917-609-0333
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