SHENZHEN, China, Sept. 2 /Xinhua-PRNewswire/ -- China Finance, Inc. (the "Company"), a provider of financial support and services for China’s large and rapidly expanding class of small and medium enterprises, today announced that its Board of Directors has appointed Ann Yu, who also serves as the President of Shenzhen Hua Yin Guaranty and Investment ("SHY"), a wholly-owned indirect operating subsidiary of the Company, to serve as the Company’s President, Chief Executive Officer, Chief Compliance Officer as well as a Director of the Company and Chairman of the Board, effective as of August 29, 2008. Ms. Yu succeeds Zhi Yong Xu, who has resigned from the Company, effective as of August 28, 2008.
Ms. Yu, a forward-thinking marketing and finance executive, has served as the President of SHY since June 30, 2008 and will continue in that capacity while carrying out her new duties. She has over 26 years experience in financial management, equity financing, commercial loans and risk control. Ms. Yu was the Vice President of SHY from May 2005-June 2008 and served as the manager of the risk management department of SHY from August 2004-June 2008. From 1992 to 2004, she served as the manager of the finance department of Jin Tian Group Co., Ltd. From 1988 to 1992, Ms. Yu served as CFO and the manager of the finance department of Shenzhen Technology Industry Park. From 1982 to 1987, Ms. Yu served as a loan officer of Industrial and Commercial Bank of China, Anhui Branch.
The Company’s Board unanimously selected Ms. Yu due to her track record of leading complex organizations, including SHY, as well as her strong executive and personal qualities. The Company’s Board noted that: "Our search for a new leader to continue the success of China Finance has been focused, including the screening and interviewing of several qualified candidates by a screening team established by the Board. The strongest candidates were each interviewed by the Board, and Ms. Yu was our top choice."
Ms. Yu observed, "China Finance is a great company with a proud history of innovation, outstanding talent and an enviable position in the finance industry. It’s a great honor to join China Finance’s leadership team and have the opportunity to build on the company’s success."
About China Finance, Inc.
China Finance provides financial support and services - primarily in the form of surety guarantees, loan guarantees, or short-term loans - to privately owned SMEs when they seek access to capital or to be acquired by a United States reporting company. China Finance provides its services through its wholly-owned indirect subsidiary, Shenzhen Hua Yin Guaranty and Investment Limited Liability Corporation, which is located in the financial district of Shenzhen, China.
