YanGuFang International Announces Ya Zhang Interim CEO And Yang Sui As Interim CFO, Effective As Of January 9, 2024
The Company has been informed by the family members of Mr. Junguo He, the Chief Executive Officer (the "CEO") and Chairman of the Board of Directors (the "Board") of the Company, and Mr. Kui Shi, the Chief Financial Officer (the "CFO") of the Company that the CEO and the CFO have been detained by certain Public Safety Bureau of Shanghai, China ("Shanghai Police"), and are currently under investigation by said Shanghai Police. As of the date of this announcement, the Company has not received any official notice of the investigation against Mr. He or Mr. Shi or the respective reasons for their detainment.
As Mr. He and Mr. Shi are presently unable to fulfill their respective roles as CEO and CFO of the Company, the Board appointed Mr. Ya Zhang, currently the Chief Operating Officer of the Company, as Interim CEO of the Company, and Ms. Yang Sui, the Financial Director of Inner Mongolia YanGuFang Whole Grain Industry Development Co., Ltd. Hangzhou Branch ("YanGuFang Whole Grain Hangzhou Branch"), a branch company of one of the Company's variable interest entities (the "VIEs"), as Interim CFO of the Company, effective as of January 9, 2024.