FENBI Ltd. (HK:02469) has announced the immediate resignation of Mr. Zhang Xiaolong from all positions, including Executive Director, Chief Executive Officer, Chairman, remuneration-committee member and nomination-committee chairman. Zhang, who is leaving for personal reasons and reports no disagreement with the Board, will remain available to provide strategic advice. His departure does not alter the existing acting-in-concert agreement among key shareholders.
Effective 8 July 2026, Ms. Sheng Haiyan, currently a Vice President overseeing book distribution and sales, steps up as Executive Director, Chief Executive Officer and Chairlady. A founding manager at the Group since 2015, Sheng will assume responsibility for overall strategy, business operations, and curriculum development.
Governance adjustments accompany her promotion: • Board Committees – Sheng joins the Remuneration Committee and becomes Chairlady of the Nomination Committee, replacing Zhang. • Authorized Representative – Sheng is now one of the two authorized representatives under Listing Rule 3.05, alongside Ms. Wang Tao.
Regulatory code provision C.2.1 recommends separating the roles of chairman and CEO, yet the Board deems the dual mandate appropriate given Sheng’s experience and the company’s existing checks and balances.
Sheng, aged 42, holds 1.79 million FENBI shares, 1.93 million unvested RSUs under the 2023 scheme, and options over 0.15 million shares from the 2020 Pre-IPO plan. Her three-year appointment includes no additional director’s fee beyond her current executive remuneration and may be terminated with three months’ notice.
As of publication, FENBI’s Board comprises one executive director (Sheng Haiyan), one non-executive director (Wu Zhenggao) and three independent non-executive directors (Qiu Dongxiao Larry, Yuen Kai Yiu Kelvin, Yuan Jia).
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