ChinaNet Online Holdings, Inc. (NASDAQ:CNET) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 5, 2019, Watanabe Mototaka resigned as a director of ChinaNet Online Holdings, Inc. (the “Company”) and as a member of the Company’s audit, compensation, and nominating and corporate governance committees. Mr. Watanabe’s resignation did not result from any disagreement with the Company.
On that same day, Mr. Pau Chung Ho was appointed to fill the vacancy created from Mr. Watanabe’s resignation. The Company has determined that Mr. Pau qualifies as independent director as such term is defined by Rule 5605(a)(2) of the Marketplace Rules of The Nasdaq Stock Market, Inc. (the “Nasdaq Marketplace Rules”) and Section 10A(m)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Mr. Pau, age 60, has served as the General Manager of The Regal Riverfront Hotel Jiangmen from April 2018 to date. From February 2014 to June 2017, he served as the General Manager of The Holiday Inn Resort Chaohu, and from September 2011 to February 2014, Mr. Pau served as the General Manager of The Regal Poly Guiyang Hotel. Mr. Pau holds a Bachelors of Arts in Hospitality Management from the University of Birmingham, United Kingdom.
Mr. Pau has no family relationships with any of the executive officers or directors of the Company. There have been no transactions in the past two years to which the Company or any of its subsidiaries was or is to be a party, in which Mr. Pau had, or will have, a direct or indirect material interest.
About ChinaNet Online Holdings, Inc. (NASDAQ:CNET)
ChinaNet Online Holdings, Inc. is a holding company that conducts its primary businesses through its subsidiaries and operating entities (the variable interest entities (VIEs)). The Company is a business-to-businesses (B2B), integrated Internet technology company providing online-to-offline (O2O) sales channel expansion, precision marketing and the related data services for small and medium-sized enterprises, and entrepreneurial management and networking services for entrepreneurs in the People’s Republic of China. Its segments include Internet advertising and TV advertising. Its services include preparing and publishing media enabled advertising and marketing campaigns for clients on the Internet, mobile phone, television and other communication channels; hosting mini-sites with online messaging and consulting functionalities; providing search engine marketing services; providing data services, and providing social networking and information sharing services to entrepreneurs.
