BEIJING, June 18, 2020 /PRNewswire/ -- Phoenix Tree
Holdings Limited ("Danke" or the "Company") (NYSE: DNK), one of the
largest co-living platforms in China with the fastest growth, today announced
updates to its board of directors (the "Board") and senior
management team.
Mr. Yan
Cui, a co-founder, director and president of the Company,
has been appointed by the Board as the Company's interim chief
executive officer with immediate effect. Mr. Cui has been
responsible for the management and operations of the Company,
together with Mr. Jing Gao, a
co-founder, director and chief executive officer of the Company,
since the Company was founded five years ago.
To the Company's best knowledge, Mr.
Gao is currently involved in an investigation by local
government authorities into certain matters relating to his
business venture prior to the founding of Danke, and thus is not
able to attend to the Company's business or perform any of his
directorial and managerial roles at the Company. After due
inquiries, the Company has no plausible reason to believe that the
investigation Mr. Gao is involved in relates to or results from any
business activities or other dealings of the Company. Neither the
Company nor any of its other directors or officers has received any
notice, inquiry or claim that may be linked to such
investigation.
Upon recommendation of the nominating
and corporate governance committee and approval of the Board, the
Board has re-assigned all of Mr. Gao's responsibilities within the
Company to Mr. Cui during Mr. Gao's absence. Mr. Cui will
serve as the interim chief executive officer of the Company in
addition to his roles as a director and president of the Company.
As of the date hereof, the business and operations of Company
remain normal. The Company currently does not expect the absence of
Mr. Gao to have any material adverse impact on its daily business
operations, and will continue to assess the situation and make
transitional arrangements if necessary.
"Driven by its clear vision and strategies, Danke has sustained
healthy and rapid growth in the past five years since it was
established. Danke's accomplishments couldn't have been achieved
without the strong leadership of the whole senior management, the
collaboration of the experienced business teams, and the Company's
well-established corporate governance mechanisms," said Mr.
Derek Shen, the chairman of the
Board, "Mr. Yan Cui co-founded the
Company five years ago and has ever since been responsible for the
management and operations of the Company, together with Mr. Gao.
Mr. Cui enjoys a great reputation both inside and outside of Danke
due to his deep insight into China's residential rental market, as well as
his rich management experience. We are confident that, during Mr.
Gao's absence, Mr. Cui, working together with the rest of the
management team and thousands of our colleagues across the nation,
will continue to ensure both near and longer-term success for
Danke."
ABOUT DANKE
Danke, one of the largest co-living platforms in China with the fastest growth, is redefining
the residential rental market through technology and aims to help
people live better. Empowered by data, technology, and a
large-scale apartment network, Danke's vibrant and expanding
ecosystem connects and benefits property owners, residents, and
third-party service providers, and delivers quality and
best-in-class services through an innovative "new rental" business
model featuring centralization, standardization, and a seamless
online experience. Danke was founded in 2015 and is headquartered
in Beijing, China. For more
information, please visit ir.danke.com.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Statements
that are not historical facts, including statements about the
Company's beliefs, plans and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. Further information regarding these and other risks
is included in the Company's filings with the SEC, including its
annual report on Form 20-F for the fiscal year of 2019. All
information provided in this press release is as of the date of
this press release, and the Company does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
CONTACTS
Investor Relations Contact
Danke IR
Email: ir@danke.com
Bill Zima
ICR, Inc.
Phone: +1 203-682-8200
Media Relations Contact
Danke PR
Email: pr@danke.com
Edmond Lococo
ICR, Inc.
Phone: +86 (10) 6583-7510
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SOURCE Phoenix Tree Holdings Limited