Sincere Watch (Hong Kong) has made high-level changes with a new CEO and a change of designation for a director.
With immediate effect, executive director/deputy-chairman Zhang Xiaoliang has been appointed CEO, while Kingston Chun Ho is no longer vice-chairman/MD but stays as an executive director.
Zhang was appointed an executive director and co-chairman of the company last April, being re-designated to deputy-chairman in October.
He is also a director of several indirect wholly owned subsidiaries of the company, president/producer of US company Aquamen Entertainment, president of Beijing Chi-Cha Networks Technology Company, chairman of the Chongqing branch of China International Engineering Design & Consult Company, founder/director/chief scientist of Beijing Quanlian Networks Technology Company, chief scientist of Channelsoft (Beijing) Technology, a director of The China Yanan Spirit Research Society and vice-chairman of The China Yanan Association.
A computer specialist, Zhang is also a technical expert in the field of digital audio/video engineering. He has worked for such enterprises as Dun & Bradstreet, Bankers Trust, Bank of New York and Merrill Lynch. He holds a master degree of business administration from Bauer College of Business at the University of Houston.
Zhang has a service agreement with Sincere Watch. His term of service is initially for one year, renewable automatically. He is entitled to an annual salary of HK$5,040,000 (US$650,000) plus discretionary bonus, and is subject to the requirements of retirement by rotation and re-election at the company’s annual meetings.
Meanwhile, Chu has confirmed that he has no disagreement with the board, and that there is no matter that needs to be brought to the attention of shareholders.