Business Context and Reporting Period
This Form 6-K filing covers the month of April 2020 for China Internet Nationwide Financial Services Inc. (the "Company"), a foreign private issuer headquartered in Beijing, China. The filing reports on material corporate governance changes regarding the Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial statements or performance metrics.
Material Changes
- Resignations: On April 18, 2020, independent directors Ms. Sheve Li Tay and Mr. Hong Huang resigned with immediate effect. Both cited personal reasons and confirmed no disagreement with Company policies.
- Appointments: On April 20, 2020, the Board appointed Mr. Hong Chen and Ms. Xiaoyue Zhang as new independent directors.
- Committee Assignments: The three independent directors (Mr. Ming Yi, Mr. Hong Chen, and Ms. Xiaoyue Zhang) were assigned to the Audit, Compensation, and Nominating and Corporate Governance committees with specific chairmanships designated.
Outlook, Risks, and Management Commentary
Management confirmed that the resignations were not due to any disagreement with the Company. The Board determined that the new appointees qualify as independent directors under SEC and Nasdaq rules and satisfy financial literacy requirements for audit committee members. No specific business outlook, risks, or contingencies were disclosed in this filing.
Key Facts for Investor Verification
- Verify the independence status and background of new directors Mr. Hong Chen and Ms. Xiaoyue Zhang.
- Confirm the composition of the Audit, Compensation, and Nominating committees following the appointments.
- Note that the new directors' initial term is one year or until the next annual shareholder meeting.
- Confirm the compensation structure for new directors ($36,000 annual fee or equivalent in ordinary shares).