The board of directors of China Commercial Credit, Inc. (NASDAQ: CCCR), a microfinance company providing financial services to small-to-medium enterprises (SMEs), farmers and individuals in Jiangsu Province, today said it had accepted the resignation of Mr. Huichun Qin as CCC's chairman and chief executive officer. Mr. Qin also relinquished his position as CEO and general manager of CCC's operating company, Wujiang Luxiang Microcredit Co. Ltd., and as CEO of CCC's wholly-owned equipment leasing subsidiary, Pride Financial Leasing Co. Ltd.
The resignations were submitted due to personal reasons, said China Commercial Credit.
Subject to final approval by the Jiangsu Province Finance Bureau, Mr. Ling Jingen, one of CCC's original shareholders and board members, will be appointed as the CEO of Wujiang Luxiang; and Mr. Xinhua Sun, a branch president of Wujiang Rural Commercial Bank since 2002, will be appointed as its general manager.
At China Commercial Credit, Mr. Qin will be replaced as chairman and chief executive officer by the company's CFO, Mr. Long (Leo) Yi, who will serve as interim chairman and CEO until a replacement or replacements can be found.
The CEO position at Pride Financial Leasing will remain vacant until a permanent CEO is appointed, at which time the subsidiary will commence operations.
Expressing the board's gratitude to Mr. Qin for "His many years of dedicated service to China Commercial Credit," Mr. Yi said the company will now broaden its executive search to hire experienced banking professionals to lead CCC's next stage of growth and development.
Mr. Yi added that CCC's 10 major pre-IPO shareholders remain "fully committed" in their support for the company and will continue to provide guarantees for funds borrowed by CCC via its line of credit from Agriculture Bank of China. Four of these shareholders are public companies listed on the Hong Kong and Shanghai Exchanges.
"A permanent chairman and CEO for CCC will likely be appointed by the end of third quarter," Mr. Yi said.
About China Commercial Credit
China Commercial Credit (http://www.chinacommercialcredit.com), founded in 2008, provides business loans and loan guarantee services to more than 240 small-to-medium enterprises (SMEs), farmers and individuals in China's Jiangsu Province. Due to recent legislation and banking reform in China, these SMEs, farmers and individuals -- which historically had been excluded from borrowing funds from State-owned and commercial banks -- are now able to borrow money at competitive rates from microfinance lenders. According to 2012 data, SMEs account for eight of ten jobs in China and comprise nearly 60 percent of the nation's GDP. Utilizing proceeds of the recently completed secondary public offering, the company intends to commence its financial leasing business. It also recently launched a peer-to-peer online lending platform designed to pair SME borrowers with willing lenders.
Investors seeking additional information on CCCR or wishing to register for company Email Alerts may go to http://www.ir-site.com/china-commercial-credit/default.asp or the Asia IR/PR client page at http://asia-irpr.com/clients/cccr/.
This press release contains forward-looking statements within the meaning of United States securities laws. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations. You should review the factors described in the section entitled "Risk Factors" in our prospectus filed with the SEC on May 9, 2014 and other documents we file from time to time with the SEC. We qualify all of our forward-looking statements by these cautionary statements.
SOURCE: China Commercial Credit, Inc.