For Immediate Release
31 July 2002
(Hong Kong - 31 July 2002) Founder Holdings Limited ("the Company", SEHK: 418), announced on 26 July 2002, that with effect from 26 July 2002, Professor Wang Xuan ("Professor Wang") had resigned as director and Chairman of the Board of Directors of the Company ("Chairman of the Company") and Mr. Alan Cheung Shuen Lung ("Mr. Alan Cheung") was subsequently appointed to the said post. Professor Wang, however, would remain Chief Technical Consultant of the Company.
Professor Wang expressed that his resignation was out of his own initiative, which had in fact been in suspension for a couple of years. He said he was sure that his resignation would have no direct influence on the Company's day-to-day operations. He believed that the management of the Company was already a strong and energetic one, which would lead the Company to achieve further developments in the future. At the position of Chief Technical Consultant, Professor Wang would provide authoritative opinions on the Company's major directions for technological developments.
Professor Wang explained that he had always considered himself strong in providing guidelines for the Company's product and technology developments, rather than making managerial decisions. Now he can spend more time to set the direction for the Company's major technological development and to assist to retain and promote superior talents to their suitable posts.
At the time of the Company's listing on the Stock Exchange of Hong Kong in December 1995, Professor Wang was mainly responsible for the establishment and supervision of Founder Research & Development Center ("Founder R&D Center"). The subsequent years saw, under his leadership, bunches of excellent talents appearing and "twinkling" around him. Many of them contributed to the creation and innovation of numerous versions of Founder electronic publishing systems ("Founder EPS"). Founder EPS eventually gave rise to the "farewell-to-leadtype-and-fire", "color printing" and "farewell-to-paper-and-pen" technological revolutions for Chinese news and publishing industries. To date, the Company still leads the worldwide market for Chinese electronic publishing systems, holding over 80% of the total market share. Despite overwhelming achievements in publishing media, Professor Wang saw the need for Founder to explore into China's radio and television broadcasting industries. Consequently, the Company became one of the biggest systems providers for digital program production and broadcasting systems for China's television stations.
Having succeeded in the Greater China market, it had long been on the mind of Professor Wang how to promote Founder EPS onto overseas markets, as well as how to establish the Company as a multinational company. After sufficient market research and technological preparation, Japan was chosen as the breakthrough for the Company's internationalization and Founder Inc. (
) was subsequently set up in 1996. After six years of development, the annual turnover of Founder Inc. is now close to USD 10 million and that the net asset value of Founder Inc. has increased 100 times what it was six years ago.
In 1999, Professor Wang already intended to resign from the post of Chairman of the Company, in support of the Company's restructuring. He first resigned as head of Founder R&D Center and he indicated that he was also going to resign from the post of Chairman of the Company at an appropriate time. Then, unexpectedly, an internal dispute broke up and disrupted his resignation plan. At strong pleads from officials of Peking University and the majority of the Company's staff and middle-to-top management, Professor Wang stayed on at the post of Chairman of the Company. But he again made it clear that his stay was mainly for the sake of the management's stability.
Now three years has passed and Professor Wang said that he had seen the Company moving into steadily developing period. With more and more time to be devoted to social responsibilities, Professor Wang brought up his request for resignation again. The resignation was then approved by the officials from Peking University and Founder Group, as well as the Board of Directors of the Company.
At the nomination of Professor Wang, Mr. Alan Cheung, the Company's President, was subsequently appointed to the post of Chairman of the Company. Known as the first Hong Kong businessman doing business in China's Zhong Guan Cun (
) in 1984, Mr. Alan Cheung's cooperation with Founder Group started in 1988 and he was appointed President of the Company in 1992. All through these years, Mr. Alan Cheung has been responsible for the Company's overseas business. Under his leadership, the Company established subsidiaries in Hong Kong, Taiwan, Malaysia, Japan, Korea, US and Canada and the overseas market share of Founder EPS developed from 0% to 80%. He was also directly involved in the successful listing of PUC Founder (MSC) Berhad on Malaysia's MESDAQ on 8 April 2002, which lead to a same-day stock-price increase by 178%.
After being appointed the Chairman of the Company, Mr. Alan Cheung expressed his gratitude at the trust from the Board of the Company. In view of the substantial support from Founder Group and the joint effort from the staff and the management alike, he said that the Company had pulled through difficulties accompanying development and that he now looked forward to leading the Company to a brighter future in the days to come.
Enquiries
Ms Cindy Cheung, Public Relations Officer, Founder Holdings Limited
cindy@founder.com.hk (E-mail), 852-2611 4124 (Tel), 852-2413 3218 (Fax)
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