Change - Announcement of Appointment::Appointment of Joint Executive Chairman and Joint CEO
Issuer & Securities
Issuer/ Manager
ASCENT BRIDGE LIMITED
Securities
ASCENT BRIDGE LIMITED - SG1AJ1000006 - AWG
Stapled Security
No
Announcement Details
Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
02-Aug-2024 22:54:43
Status
New
Announcement Sub Title
Appointment of Joint Executive Chairman and Joint CEO
Announcement Reference
SG240802OTHRL4VQ
Submitted By (Co./ Ind. Name)
Foo Soon Soo
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Appointment of Mr Qiu Peiyuan as Joint Executive Chairman and Joint Chief Executive Officer of the Company.
Additional Details
Date Of Appointment
01/08/2024
Name Of Person
Qiu Peiyuan
Age
59
Country Of Principal Residence
Hong Kong
Date of last re-appointment (if applicable)
28/04/2022
The Board's comments on this appointment (including rationale, selection criteria, board diversity considerations, and the search and nomination process)
Please refer to the Company's announcement on 1 August 2024 in response to SGX queries wherein the NC has given its rationale for the recommendation to appoint Mr Qiu Peiyuan as Joint Executive Chairman and Joint Chief Executive Officer. He will oversee the Group's management jointly with Mr Sun Quan. The Board concurs with the NC's recommendation.
Whether appointment is executive, and if so, the area of responsibility
The appointment is executive. He and Mr Sun Quan will oversees the Group's management jointly.
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Joint Executive Chairman and Joint Chief Executive Officer
Professional qualifications
1) Bachelor of Science, Nankai University, China
2) MPhil., The University of Hong Kong, Hong Kong
3) MBA, Ivey Business School, The University of Western Ontario, Canada
Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries
Nil
Conflict of interests (including any competing business)
Nil
Working experience and occupation(s) during the past 10 years
Mr Qiu Peiyuan serves as Chairman and CEO of First Ocean Financial Holdings Co., Limited, Hong Kong since August 2019. He is also the executive Director of China Ecotourism Group (01371), Hong Kong since November 2021. He was the General Manager/Managing Director of International Department Huabao Trust Co. Limited, Shanghai from October 2011 to July 2015 and the President, Oversea Investment Department of Pingan Trust Co. Limited, Shanghai from July 2015 to June 2019.
Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6))
Yes
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Direct interest of 189,600 shares and deemed interest of 1,000,000 shares of the Company.
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years)
1) Pingan Trust Co. Limited
2) Shanghai Chong Kin Group Holdings Limited
3) First Ocean Financial Holdings Co. Limited
Present
1) China Ecotourism Group
2) New Sparkle Roll International Group Ltd.
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?
No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency?
Yes
If Yes, Please provide full details
Mr Qiu was sole director and CEO of First Ocean Financial Holdings Company Limited, HK ("company") which received a winding up order issued by the High Court, HK on 24 November 2021 following a petition by a business partner and creditor, First Capital Holding (HK) Co Ltd ("Business Partner"). The Business Partner agreed to invest in the company by purchasing a private debt issued by the company, and there were negotiations between the company and the Business Partner over the sale of the company to the parent of the Business Partner. The negotiations fell through. This was then followed by the winding up petition and the winding up order.
The company is continuing with negotiations to seek a resolution with its Business Partner. To date there is no action taken by the petitioner to wind up the company pursuant to the winding up order.
Mr Qiu has confirmed that the winding up has not resulted in any liability or obligations imposed against him and there was no wrongful act on his part leading to the winding up. He is not aware of any actual or potential claim that would be made against him as a result of the winding up.
(c) Whether there is any unsatisfied judgment against him?
No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?
No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?
No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?
No
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?
No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust?
No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?
No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or
No
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or
No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or
No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust?
No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?
No
Any prior experience as a director of an issuer listed on the Exchange?
Yes
If Yes, Please provide details of prior experience
He has been a Non-Executive and Non-Independent Director of the Company since 28 April 2022.
Related Announcements
Related Announcements
13/08/2024 19:51:21