Xin Yuan Enterprises in Turmoil as Chairman Ousted Amid Leadership Conflict

MT Newswires Live12-18

Xin Yuan Enterprises (HKG:1748) appointed Vice Chairman Chen Jiagan as the new chairman of the board and nomination committee on Dec. 17, effectively removing Chen Min from these roles.

Chen Min will, however, continue to serve as an executive director of the company.

In a Tuesday filing with the Hong Kong Exchange, Xin Yuan Enterprises disclosed that Chen Min has challenged the validity of these board resolutions. The ship charter service provider is currently seeking legal advice in the Cayman Islands to address this matter.

The leadership change comes amidst shareholder activism. A group of shareholders representing 12.49% of voting rights has submitted a notice requesting the board to convene an extraordinary general meeting to remove Vice Chairman Chen Jiagan and CEO Xu Wenjun from their positions.

Price (HKD): $2.38, Change: $-0.53, Percent Change: -18.21%

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