CONSUMER CAPITAL GROUP, INC. (OTCMKTS:CCGN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
| (a) | Resignation of Chief Financial Officer |
On August 3, 2017, Mr. Jianmin Gao tendered his resignation as Chief Financial Officer of Consumer Capital Group Inc. (the “Company”), effective immediately. Mr. Gao remains as Chairman of the Board, President and Chief Executive Officer of the Company. On August 3, 2017, the Board of Directors of the Company appointed Crystal Lijie Chen as the Chief Financial Officer, effective August 1, 2017.
| (b) | Appointment of Chief Financial Officer |
Ms. Chen, age 48, has been the Managing Director of United Int’l Solutions Group since 2016. From 2012 to 2016, Ms. Chen was the Managing Director of Liang & Company Accountancy Corp, where she focused on financial consulting and due diligence, tax consultation for international M&A cases, international assets allocation for large companies and individuals. She was also in charge of M&A projects, investment projects, and bringing overseas investors to invest in the United States. From 2010 to 2011, Ms. Chen was the CFO at H&H Store, Inc., where she helped filing a Registration Statement on Form S-1 with the SEC. From 2009 to 2010, Ms. Chen was the CFO and Vice President in Finance at QKL Stores, Inc. (NASDAQ: QKLS). While there, Ms. Chen was in charge of financing, forecasting, budgeting, accounting, internal control and investor relationship for the company. She successfully helped the company with a $55 million financing in 2009 and 2010. Prior to that, Ms. Chen was an Accountant at PricewaterhouseCoopers LLP from 2006 to 2007 and the Senior Accounting Manager at Simon & Edward LLP from 2000 to 2003.
Ms. Chen received a Master of Business Administration from California State University, Los Angeles, a Master of Business Taxation from University of Southern California and a Doctor of Philosophy in Economics specializing in Finance from Renmin University of China.
Ms. Chen is an active Certified Public Accountant (CPA) licensed in California. She has also obtained Real Estate License as well as Life Insurance and Property Casualty Insurance License in 2007 and 2006, respectively.
Ms. Chen has worked closely with public companies in both U.S. and China. She is also experienced with providing consulting services to Financial Institutions, U.S. listing companies and subsidiaries of foreign public companies on a variety of matters, including finance and international trade, banking and finance, mergers and acquisitions, due diligence and taxation. In addition, Ms. Chen is fluent in both English and Chinese, and is familiar with both culture and business environment. Ms. Chen also serves as the Young Member of All-China Federation of Returned Overseas Chinese and as the Vice Chairman of Chinese American Federation in U.S. Play.
to the appointment, the Company entered into an Employment Agreement (the “Agreement”) with Ms. Chen to serve as the Company’s Chief Financial Officer. The term of the Agreement is for three years, commencing on August 1, 2017, and automatically renews for successive one year periods, subject to the either party’s right to terminate the Agreement at any time upon sixty (60) days prior written notice. In addition, during the term of the Agreement, The Agreement also contains covenants regarding non-competition and confidentiality. to the Agreement, Mr. Chan will receive an annual salary of USD $36,000, and share-based compensation of 32,800 shares of the Company’s common stock per year of employment.
The foregoing summary of the Agreement does not purport to be complete and is qualified in its entirety by reference to such agreement, a copy of which is filed as Exhibit 10.2 hereto and is incorporated herein by reference.
Family Relationships
There are no family relationships between Ms. Chen and any other employee or member of the board of directors of the Company.
Related Party Transactions
There are no related party transactions with regard to Ms. Chen reportable under Item 404(a) of Regulation S-K.
Item 9.01 Financial Statements and Exhibits.
Consumer Capital Group, Inc. ExhibitEX-10.1 2 f8k080717ex10i_consumercap.htm CORRESPONDENCE OF JIANMIN GAO’S RESIGNATION AS CFO,…To view the full exhibit click here
About CONSUMER CAPITAL GROUP, INC. (OTCMKTS:CCGN)
Consumer Capital Group Inc. is a holding company. The Company operates the Internet finance business through its subsidiaries, America Arki (Fuxin) Network Management Co. Ltd. (Arki Fuxin), America Arki Network Service Beijing Co., Ltd. (Arki Network Service) and Arki (Beijing) E-Commerce Technology Corp. (Arki Beijing), through respective contractual arrangements among these parties. Arki Network Service, through America Arki (Tianjin) Capital Management Partnership (Arki Tianjin), engages in wealth management business. Arki Tianjin operates its business on its crowdfunding platform Bangnitou, which translates to Help You Invest in English and attracts capital from investors to invest in fixed income opportunities. Arki Network Service operates its peer-to-peer lending business through Shanghai Zhong Hui Financial Information Service Corp. (Zhong Hui), which is an online consumer finance marketplace in the People’s Republic of China (PRC) connecting investors and corporate borrowers.
