Business Context and Reporting Period
This Form 8-K Current Report was filed by Code Chain New Continent Limited (trading symbol: CCNC) on February 11, 2021. The report details significant changes to the Company's Board of Directors and committee memberships effective as of the filing date.
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 corporate governance changes and does not contain financial performance data.
Material Changes
- Resignations: Mr. Min Zhu resigned as a director, Chairman of the Nominating and Corporate Governance Committee, and member of the Audit and Compensation Committees. Ms. Manli Long resigned as a director and member of the Audit, Compensation, and Nominating and Corporate Governance Committees. Both resignations were effective February 11, 2021, and were not the result of any disagreement with the Company.
- Appointments: The Board appointed Mr. Fei Gan and Mr. Jin Wang as directors, effective February 11, 2021. Both were determined to be independent under Nasdaq Listing Rule 5605(a)(2).
- Committee Assignments: Mr. Gan was appointed Chairman of the Nominating and Corporate Governance Committee and member of the Audit and Compensation Committees. Mr. Wang was appointed to the Audit, Compensation, and Nominating and Corporate Governance Committees.
Management Commentary and Compensation
Management highlighted the professional backgrounds of the new directors:
- Mr. Fei Gan: Co-founder of Silverstone Investment with over ten years of experience in financial technology and big data. He has held senior roles including CEO of Shenzhen Columbus Data Technology Co., Ltd. and Hefei Bitu Technology Co., Ltd.
- Mr. Jin Wang: An IT expert and pioneer in blockchain finance with over five years of experience in financial innovation and digital asset management. He is the founder of Alchemy digital asset quantitative trading platform.
Both new directors accepted offer letters agreeing to receive an annual compensation of $10,000, effective February 11, 2021. No unusual items or risks were disclosed in this specific filing.
Key Facts for Investor Verification
- Verify the independence status of the newly appointed directors (Mr. Gan and Mr. Wang) against Nasdaq Listing Rule 5605(a)(2).
- Review the full text of the Director Offer Letters (Exhibits 10.1 and 10.2) for any additional compensation terms or conditions not summarized in the filing.
- Confirm the impact of these board changes on the Company's strategic direction, particularly regarding financial technology and blockchain initiatives.
- Check subsequent filings for any financial updates, as this 8-K contains no financial data.