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Posted 05 October, 2022

Code Chain New Continent Ltd appointed Mr. Hongxiang Yu as new CEO

Nasdaq:CCNC appointed new Chief Executive Officer Mr. Hongxiang Yu in a 8-K filed on 05 October, 2022.


  On October 4, 2022, approved by the Board of Directors, the Nominating and Corporate Governance Committee and the Compensation Committee, Mr. Hongxiang Yu was appointed as the Chief Executive Officer, President, Chairman of the Board and a director of the Company, effective October 4, 2022, and Ms. Shuang Zhang was appointed as the Vice President and a director of the Company, effective October 4, 2022.  

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Overview of Code Chain New Continent Ltd
Industrial Goods • Industrial Machinery
GD Culture Group Ltd. is a holding company, which engages in trading services through its subsidiaries. The company was founded on February 6, 2018 and is headquartered in Chengdu, China.
Market Cap
$10.6M
View Company Details
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On October 4, 2022, Mr. Wei Xu tendered his resignation as the Chief Executive Officer, President, Chairman of the Board and a director of Code Chain New Continent Limited (the "Company"), effective October 4, 2022. The resignation of Mr. Wei Xu was not a result of any disagreement with the Company's operations, policies or procedures.


On October 4, 2022, Mr. Bibo Lin tendered his resignation as the Vice President and a director of the Company, effective October 4, 2022. The resignation of Mr. Bibo Lin was not a result of any disagreement with the Company's operations, policies or procedures.


On October 4, 2022, approved by the Board of Directors, the Nominating and Corporate Governance Committee and the Compensation Committee, Mr. Hongxiang Yu was appointed as the Chief Executive Officer, President, Chairman of the Board and a director of the Company, effective October 4, 2022, and Ms. Shuang Zhang was appointed as the Vice President and a director of the Company, effective October 4, 2022.


The biographical information of Mr. Hongxiang Yu is set forth below:


Mr. Hongxiang Yu, age 43, co-founded Shanghai Highlight Media Co., Ltd. ("Highlight Media"), a consolidated variable interest entity of the Company, in 2016 and has been its Chairman of the Board since then. Mr. Yu is also the Chairman of the Board of Shanghai Highlight Asset Management Co., Ltd., responsible for asset management and private equity investment. Mr. Yu is also the Vice Chairman of the Board of Tianjing Dragon Film Co., Ltd., engaged in the investment in the film industry in China. From 2006 to 2015, Mr. Yu served as the general manager of Hongrun Foundation Engineering Co., Ltd. and the head of the internal audit department of Hongrun Construction Group Co., Ltd. Mr. Yu received his bachelor's degree in international trade from University of Portsmouth in the United Kingdom in 2004 master's degree in international human resource management from University of Portsmouth in the United Kingdom in 2006.


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Mr. Hongxiang Yu does not have a family relationship with any director or executive officer of the Company. Mr. Hongxiang Yu has not been involved in any transaction with the Company during the past two years that would require disclosure under Item 404(a) of Regulation S-K. 


Mr. Hongxiang Yu entered into an employment agreement with the Company and agreed to receive an annual compensation of $50,000, effective October 4, 2022. The employment agreement is qualified in its entirety by reference to the complete text of the agreement, which is filed hereto as Exhibits 10.5.


The biographical information of Ms. Shuang Zhang is set forth below:


Ms. Shuang Zhang, age 52, co-founded Highlight Media in 2016 and has been its Chief Executive Officer since 2017. During her tenure as the Chief Executive Officer, Ms. Zhang managed the planning, creation and publication of books about the company history of industry leaders in China, published in top financial publications in China. From 2015 to 2016, Ms. Zhang was the director of public relations at Ctrip, an online travel company in China. From 2004 to 2015, Ms. Zhang was the editor-in-chief of China Business News, responsible for editing, performance, and quality control. Ms. Zhang received her bachelor's degree in Journalism from Heilongjiang University in China in 1991 and her Master of Business Administration degree from the Antai College of Management and Economics of Shanghai Jiaotong University.


Ms. Shuang Zhang does not have a family relationship with any director or executive officer of the Company. Ms. Shuang Zhang has not been involved in any transaction with the Company during the past two years that would require disclosure under Item 404(a) of Regulation S-K. 


Ms. Shuang Zhang entered into an employment agreement with the Company and agreed to receive an annual compensation of $30,000, effective October 4, 2022. The employment agreement is qualified in its entirety by reference to the complete text of the agreement, which is filed hereto as Exhibits 10.6.