CT Environmental Group Ltd.

11/08/2018 | Press release | Distributed by Public on 11/08/2018 09:20

Resignation of Executive Director and Chief Executive Officer, Appointment of Chief Executive Officer and Appointment of Executive Director

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

CT ENVIRONMENTAL GROUP LIMITED ʕ๢ᐑڭණྠϞࠢʮ̡

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1363)

RESIGNATION OF EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER, APPOINTMENT OF

CHIEF EXECUTIVE OFFICER AND APPOINTMENT OF EXECUTIVE DIRECTOR

The Board hereby announces the following changes with effect from 8 November 2018:

  • 1. the resignation of Mr. Xu Zhencheng as an executive Director and chief executive officer of the Company;

  • 2. the appointment of Mr. Lu Xiao'an, currently an executive Director, as the chief executive officer of the Company to replace Mr. Xu Zhencheng; and

  • 3. the appointment of Mr. Liang Zhenjie, currently the chief financial officer of the Company, as an executive Director.

RESIGNATION OF EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER

The board (the "Board") of directors (the "Directors") of CT Environmental Group Limited (the "Company", together with its subsidiaries, the "Group") hereby announces that Mr. Xu Zhencheng ("Mr. Xu") has tendered his resignation as an executive Director and chief executive officer of the Company with effect from 8 November 2018 due to his desire to be more focus on strengthening the research and development capability of the Group and to continue to work on the environmental protection related matters in relation to certain new projects in the Group's project portfolio. Mr. Xu will maintain his current positions in certain subsidiaries of the Group.

Mr. Xu has confirmed that there is no disagreement with the Board and that there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company.

APPOINTMENT OF CHIEF EXECUTIVE OFFICER

Mr. Lu Xiao'an ("Mr. Lu"), currently an executive Director, has been appointed as the chief executive officer of the Company to replace Mr. Xu. Mr. Lu's biography is set out in the announcement of the Company dated 5 November 2018.

The Company considered that Mr. Lu to be the most suitable candidate to fill in the vacancy as the chief executive officer since he had comprehensive experience in the environmental protection industry and he had thorough and updated knowledge of the recent development of the industry. Mr. Lu had also proved his execution and management ability during the time he worked as the Vice President of the Group.

APPOINTMENT OF EXECUTIVE DIRECTOR

The Board announces that Mr. Liang Zhenjie ("Mr. Liang") has been appointed as an executive Director with effect from 8 November 2018.

Mr. Liang, aged 48, joined the Group in June 2018 and is currently the chief financial officer of the Company and he is mainly responsible for managing the finance and fund raising function of the Group. Before joining the Group, Mr. Liang had held various positions in the Guangdong Branch of the Agricultural Bank of China since 2000. He had over 25 years of experience of corporate banking in China with vast experience on loan approval, loan feasibility analysis, syndicate loan financial feasibility assessment and loan portfolio planning for enterprises across different sectors including energy, transportation, water etc. Mr. Liang holds a doctor degree majored at international politics and a master degree majored at currency and banking in Jinan University and also holds a bachelor degree in Jilin University majored at international economics.

The Company has entered into a service agreement with Mr. Liang in relation to his appointment as an executive Director for a term of three years commencing on 8 November 2018 which is determinable by either party serving on the other not less than three months' written notice, subject to retirement by rotation and re-election in accordance with the articles of association of the Company and the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"). Mr. Liang is currently entitled to an annual remuneration of approximately RMB942,000, which was determined with reference to the prevailing market conditions and his roles and responsibilities in the Group.

Save as disclosed herein and as at the date of this announcement, (i) Mr. Liang does not hold any position in the Company or any of its subsidiaries nor have any relationship with any director, senior management, substantial shareholder or controlling shareholder of the Company; (ii) Mr. Liang has not held any directorship in other public companies, the securities of which are listed on any securities market in Hong Kong or overseas in the past three years or other major appointments and professional qualifications; and (iii) Mr. Liang does not have, and is not deemed to have, any interests in any shares, underlying shares or debentures (as defined under Part XV of the Securities and Futures Ordinance (Chapter 571, the laws of Hong Kong)) of the Company.

Save as disclosed herein, there are no other matters concerning the appointment of Mr. Liang that need to be brought to the attention of the shareholders of the Company, nor is there any information relating to Mr. Liang that is required to be disclosed pursuant to Rules 13.51(2) (h) to 13.51(2)(v) of the Listing Rules.

The Board would like to express its sincere gratitude to Mr. Xu for his invaluable contribution to the Company during his term of office, and would like to extend its warmest welcome to Mr. Lu on his appointment as the chief executive officer and Mr. Liang on his appointment as an executive Director.

On behalf of the Board

CT Environmental Group Limited

Tsui Cham To

Chairman

Hong Kong, 8 November 2018

As at the date of this announcement, the executive Directors are Mr. Tsui Cham To, Mr. Lu Xiao'an, Mr. Xu Shubiao, Mr. Xu Juwen and Mr. Liang Zhenjie, and the independent non-executive Directors are Mr. Suen To Wai and Mr. Zhang Lu Fu.