Zhong Yu, chairman of Kangdexin, steps down

Board of Directors of Kangde Xin Composite Materials Group received a written resignation report from  Zhong Yu, the chairman of the company. Zhong Yu applied for resignation for personal reasons.

Zhong Yu, chairman of Kangdexin, steps down
“During his tenure as chairman of the company, Mr. Zhong Yu worked diligently and devotedly to the establishment and long-term development of the company. The company’s board of directors expressed his heartfelt thanks to Mr. Zhong Yu for his significant contribution to the company”, says the group in a message to the Shenzhen-listed group’s shareholders.

Zhong Yu holds 24.05 % of the company. Kangdexin in January failed to repay principal and interest on CNY 1.55 billion of debt, although the company’s financial report showed it held more than 15 billion yuan in cash and bank deposits just four months ago.

Zhong Yu in late January told creditors that he is willing to provide a personal guarantee for the company’s debts and promised repayments by the end of March, according to Chinese financial newspaper Caixin.

Companies: KDX Group

Terms: Asia-Pacific, Business

This article has been edited by Basalt.Today
This article has been written on JEC Composites Magazine
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