Hong Kong-based financial service provider KVB Kunlun Financial Group Ltd made an announcement earlier today stating that it has stopped the trading of the company’s shares starting 9 AM today.
The statement revealed that trading activities had been paused in anticipation of the firm announcing the resignation of one of its Chief Executive Officers. The CEO mentioned in the statement is expected to be Stefan Liu who has been a part of the financial group for nearly two decades now. However, the statement has failed to mention the name of Stefan Liu or make any mention on who would become his successor. However, the list of directors mentioned at bottom of the statement released by the firm had names of all other executive directors aside from Liu, and this is viewed as a clear sign of changes made in the company.
The statement released by the firm stated, “At the request of KVB Kunlun Financial Group Limited (the “Company”), trading in shares of the Company will be halted with effect from 9:00 a.m. on 29 July 2019 pending the release of an announcement in relation the resignation of an executive director who is also the chief executive officer and an authorized representative of the Company, which constitutes inside information of the Company”. Aside from Lie as per the names listed at the bottom of statement the current executive directors at the board of financial group are Yuan Feng – Deputy Chief Executive Officer, Wong Yiu Kit Ernest – Chief Financial Officer and Huang Songyuan – Director of global margin business. Prior to joining KVB Kunlun Financial Group, Liu served as managing director of Aiming International Co Ltd., in their New Zealand Office from August 1997 to 2001.
As per information from KVB Kunlun’s website which has listed out and mentioned details on its list of board of directors, Stefen Liu joined the financial group back in 2001 and was promoted to the role of managing director of the group in 2006 – five years since he joined the company. He was promoted yet again in 2010 to Director of the company and yet again in 2011 when he became country manager for their business operations in New Zealand and Australia. Stephen Liu is currently the CEO of the financial group’s retail fx brokerage division along with his role as executive director. This is the next major announcement from the firm after announcement of disappointing quarterly results in April which the firm blamed on lower leveraged trading volumes in forex and other market venues and also on drop in profit to fair value loss on embedded derivative portions of some bonds which were issued in February 2018 and increased financing costs associated with said bonds.
Please feel free to share your thoughts with us in the comments below.