LONDON (Alliance News) - China Chaintek United Co Ltd on Tuesday said three of its board members, including its chairman and chief financial officer, all have handed in their resignations.
The logistics services company said Non-Executive Chairman William Knight, Chief Financial Officer Derrick Wong and Non-Executive Director Stuart Lane have resigned from the board with immediate effect.
No other information was provided including about replacements.
China Chaintek last month posted a sharp fall in profit and revenue for the first half as the company was hit hard by the slowdown in economic growth in China, and it said its profit and revenue for the full year will be harder hit than originally anticipated.
The company, which provides logistics services to consumer goods companies in China, said its pretax profit for the six months to the end of June was CNY64.2 million, down from CNY144.7 million. Revenue was down to CNY129.9 million from CNY173.8 million and the group's pretax profit margin was hammered, falling to 49% from 83%.
China Chaintek shares were suspended last month after it lost its nominated adviser, ZAI Corporate Finance..
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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