Recently, Yang Xiong, an independent director of China International Marine Containers (Group) Co., Ltd. (referred to as “CIMC Group”), has resigned from his positions as an independent director and various specialized committees of the board. Currently, he has been out of contact for over a month.
On November 14, CIMC Group issued a statement announcing that they had received Yang Xiong’s written resignation report on the same day. He applied to resign from the positions of independent director of the 11th Board of Directors and various specialized committees of the board due to personal reasons. After resigning, Yang Xiong will no longer hold any positions in the company and its subsidiary holding companies.
The announcement also mentioned that as his resignation would result in the insufficient number of independent directors and the absence of accounting professionals as required by law, Yang Xiong will continue to fulfill his duties until a new independent director is approved by the shareholders’ meeting. During his tenure, Mr. Yang did not have any disagreements with the company and did not hold any company stock.
According to a report by Caixin on November 13, Yang Xiong has been missing for half a month. With a 30-year career in the accounting industry, he had served as a member of the issuing review committee for two terms. Despite numerous attempts by Caixin to contact Yang Xiong via phone calls and text messages, they have been unsuccessful. Industry insiders speculate that Yang Xiong’s disappearance may be related to the case of Guo Xudong, known as the “Iron Lady” in the field of securities issuance review at the China Securities Regulatory Commission.
Earlier on October 10, official reports stated that Guo Xudong, former Chairman of the Issuing Examination Committee of the China Securities Regulatory Commission, Deputy Director of the Issuance Supervision Department, and a first-level inspector, was suspected of serious violations of duty, voluntarily surrendered, and is currently under investigation.
CIMC Group, headquartered in Nanshan District, Shenzhen, was established in January 1980 through a joint venture between China Merchants Group, a central enterprise of the Communist Party of China, and Danish company Bawang Yangxing. Initially, it was managed by personnel dispatched by Bawang Yangxing.
In 1994, CIMC Group went public on the Shenzhen Stock Exchange, and in December 2012, it was listed on the Hong Kong Stock Exchange. It is a publicly listed company with A+H shares. Its major shareholders include Shenzhen Capital Operation Group, China Merchants Group, among others. The company’s main businesses cover containers, road transport vehicles, energy and chemical equipment, marine engineering, logistics services, airport equipment, and other fields.