Why did ZTE change its chairman?

On June 29th, ZTE issued five announcements in succession, announcing the "change of blood" of the largest senior management team in history: all the original 65,438+04 board members (including Chairman Yin Yimin and President) resigned immediately, Li was elected as the chairman of the seventh board of directors of the company, and Li, Fang Rong were elected as non-executive directors of the seventh board of directors of the company.

Earlier, Narwhal Technology reported exclusively that Li would be the new chairman.

This morning is Li's first public appearance. ZTE held the 20 17 Annual General Meeting of Shareholders in the conference room on the fourth floor of Block A of Shenzhen Headquarters. According to the announcement, this meeting was presided over by candidate director Li, and all directors attended the meeting as nonvoting delegates.

Li said at the shareholders' meeting that the refusal order has not been lifted, and the main task behind the candidate directors is to boost the company's confidence and resume production as soon as possible after the refusal order is lifted.

Yin Yimin, former chairman of ZTE, made his debut as chairman for the last time today. In response to the sharp drop in ZTE's share price, he said that "this is a very heavy fact" and he felt very guilty. Earlier, he had announced that ZTE had entered a "shock" state.

"When he was defeated, he was ordered to be in danger" can be regarded as Li's portrayal of succession.

As an "airborne" chairman, Li Zaian studied, worked and lived for more than 30 years. But they are all in the communication industry, and their Xi 'an Institute of Microelectronics Technology has a close relationship with ZTE.

Li did not disclose much information. According to ZTE's announcement, Li was born in 1964 and graduated from Anjiao University with a bachelor's degree in engineering, 1987, with the title of researcher. In the same year, after he joined Xi 'an Institute of Microelectronics Technology, he started as a technician and rose step by step. Since 20 15, he has served as party secretary and deputy director of the institute.

Xi 'an Institute of Microelectronics Technology is the controlling shareholder of ZTE and one of the shareholders of ZTE. It is now announced that Li does not hold shares of the Company and has no relationship with directors, supervisors and senior management.

In fact, in June of 5438+0997 10, the prospectus issued by ZTE when it applied for IPO showed that Zhang Taifeng, the director of the Preparatory Committee, was then the director of Xi 'an Microelectronics Technology Research Institute and the chairman of ZTE New Company.

The reporter consulted official website of Xi 'an Institute of Microelectronics Technology, namely 77 1 Institute of the Ninth Research Institute of China Aerospace Science and Technology Corporation, and Lishan Microelectronics Company affiliated to the Ninth Research Institute of China Aerospace Science and Technology Corporation. Founded in 1965 and 10, it is mainly engaged in the research and development, mass production, supporting and testing operation of computers, semiconductor integrated circuits and hybrid integration. It is the founding unit of ZTE.

Many insiders told Narwhal Technology that Li is an airborne executive of ZTE's parent company and has made great achievements in communication technology.

In order to replace Li as the chairman of ZTE, ZTE had specially revised the company law to remove obstacles.

On the evening of June 12, ZTE announced the progress of major events and announced the resumption of trading. According to the announcement, ZTE will pay a total of $65.438+04 billion in civil fines, replace all board executives within 30 days, hire a coordinator to supervise, and make a refusal order for 654.38+00 years.

As part of the settlement agreement between the two parties, ZTE needs to replace all the board members of the company and ZTE Kangxun, the current senior vice president and all the senior leaders above within one month.

13 further clarified the appointment of the senior management team in the evening. Three announcements re-disclosed by ZTE proposed to delete "the chairman must be a director or senior manager of the company for more than three years" from the company's articles of association, and some clauses were changed to "the non-independent executive director shall not be less than one-third of the board members" and "the independent non-executive director shall not be less than one-third of the board members".

13, narwhal technology was exclusively informed by many parties. According to the new regulations and ZTE's existing management team, it is now certain that the chairman will be "airborne" and Li will take over. The president may come from within ZTE, and all of them are elected by the National People's Congress.

On June 29th, Li made his first public appearance at ZTE's shareholders' meeting and was elected as the chairman. However, he still faces a great test. Whether ZTE's current "shock" state and its running-in with the new senior management team can resume work in time to resolve this crisis and boost market and internal confidence in ZTE is still a huge test.

"Old ZTE" Yin Yimin resigned, apologizing for ZTE's share price plunging.

As an old ZTE person, Yin Yimin, the former chairman of ZTE, made his last public appearance today.

On the evening of June 29th, ZTE issued five announcements in succession, disclosing the results of 65,438+06 resolutions of the 2065,438+07 annual general meeting of shareholders, related transactions between hotel service procurement and real estate and equipment leasing, and written resignation reports submitted by 65,438+04 directors, including former chairman Yin Yimin.

Yin Yimin, Zhang Jianheng, Luan Jubao, Wang Yawen, Zhan Yichao, Wei Zaisheng, Zhai Weidong,,, Lu, Teng Bingsheng (Teng Binsheng), * * * and other directors 14 submitted written resignation reports on June 29th, 20 18. In view of the shareholders of the company for 20 17 years,

ZTE said that the fourteen directors who resigned this time unanimously confirmed that they had no different opinions with the company's board of directors, and there were no other matters that needed to be brought to the attention of the company's shareholders. According to the Company Law of People's Republic of China (PRC) and the Articles of Association of ZTE Corporation, the resignation report has come into effect.

The shareholders' meeting elected Li, Li, Gu, Fang Rong as non-independent directors of the seventh board of directors of the company, and elected Cai and Bao Shuming as independent non-executive directors of the company in the same way. The term of office of the above eight people will expire on March 29th, 2065438+2009.

According to the resume released by ZTE, Yin Yimin was born in 1963, graduated from Nanjing Institute of Posts and Telecommunications (now renamed as "Nanjing University of Posts and Telecommunications") with a master's degree in engineering and the title of 1988 senior engineer.

Since 199 1, Yin Yimin has been the director of the research and development department of Shenzhen Zhongxing Semiconductor Co., Ltd.; From 1993 to 1997, he served as the new deputy general manager of ZTE; 1997 to February 2004, served as the company's vice president and senior vice president, in charge of R&D, marketing and mobile phone business. From February 2004 to March 20, 2004, he served as the president of the company; 20 10 10 June to present, served as the chairman and general manager of zhongxing venture capital; From August, 20 15 to September, 20 17, he served as the new chairman of Zhongxing.

From March 20 17 to June 29, 20 18, Yin Yimin served as the chairman of ZTE, with many years of experience in the telecommunications industry and more than 27 years of management experience.

On April 16 this year, the Bureau of Industry and Security of the US Department of Commerce activated the decision to refuse orders to ZTE and ZTE Kangxun, becoming the largest "black swan" in history. On April 20th, Yin Yimin, the chairman of ZTE, led senior executives to say that such sanctions immediately put the company into a "state of shock".

According to relevant media reports, at the shareholders' meeting, some minority shareholders proposed that ZTE's share price plummeted, which brought huge asset losses to it. Yin Yimin, chairman of ZTE, responded that this is a very heavy fact.

At the same time, he also said that as the chairman of the company, he felt very guilty about the economic losses caused by ZTE's share price decline, and I am sorry for everyone.

According to informed sources, Yin Yimin spoke highly of ZTE and was honest. After becoming the chairman of the board, ZTE's ethos declined instead of rising, and the team cohesion was very strong. Since then, ZTE's benign development period has a lot to do with Yin Yimin's leadership.

In order to resume trading on June 13, ZTE paid a fine as high as1400 million US dollars. Previously, ZTE had paid a fine of $890 million, and the cost of its resumption of trading exceeded $2.29 billion (about 146 billion yuan).

In order to cope with the reality of lack of money, Yin Yimin and ZTE's former senior management team took the last shift.

On June 29th, the shareholders' meeting rejected the company's profit distribution plan for 20 17, and added three temporary motions, such as amending the Articles of Association, the rules of procedure of the board of directors, electing non-independent directors and independent non-executive directors, submitted by the shareholder Zhongxing New Communication Co., Ltd. on June 3rd.

At the same time, the announcement shows that the board of directors approved ZTE to apply for a comprehensive credit line of RMB 30 billion from China Bank, a comprehensive credit line of USD 6 billion from Shenzhen Branch of China Development Bank, and a derivative investment of USD 3.6 billion.

Yin Yimin said that the dividend of 65.438+300 million yuan will not have a huge impact. In view of the fact that the company is still refusing orders, I hope that every cash will be used for practical purposes. I suggest you vote carefully. Yin Yimin himself voted against the dividend plan.

/kloc-in March, 2005, ZTE announced its profit distribution plan for 20 17, and distributed RMB 3.3 yuan cash (including tax) for every 10 share based on the number of registered shareholders (including A-share shareholders and H-share shareholders) at the end of the business day. As of 20 17 12 3 1, the company's total share capital (including A shares and H shares) is 465,438+93 million shares.