China Techfaith Wireless Comm. Tech. Ltd (NASDAQ:CNTF) Announces Board Of Directors Changes

China Techfaith Wireless Comm. Tech. Ltd (NASDAQ:CNTF)

China Techfaith Wireless Comm. Tech. Ltd (NASDAQ:CNTF) has appointed Dr. Jy-Ber Gilbert Lee and Mr. Yibo Fang as an independent director and a member of the Board of Directors. Dr. Lee will be replacing Hung Hsin Chenas as the company’s independent Director. Hung Hsin Chenas resigned from his roles citing personal reasons after serving since 2005. His decision to resign is not out of any disagreement or dispute with the company’s Board of Directors or any matter in relation to the policies, operations or practices of the company. In addition to serving on the Board of Directors, Dr. Lee will also serve as a member of the Compensation and Auditing Committees.

Dr. Lee has been serving as a director of the company since May 2015 as well as President and Chief Operating Officer between February 2006 and August 2008. The company’s Board of Directors reviewed Dr. Lee’s history and expressed satisfaction that he meets all the “independence” requirements stipulated in the Nasdaq Stock Market Rule 5605(a)(2) as well as the “independence” standards under Rule 10A-3m of the 1934 Securities Exchange Act.

Before joining TechFaith, Dr. Lee served as the Deputy General Manager of China Netcom Corp’s Guangdong branch. He was also the Managing Director for Sales of China Netcom Corp between June 2001 and February 2004. He served as Deputy General Manager at Global Telecom Solutions, Motorola Inc Vice President. He holds a bachelors degree in mechanical engineering from National Taiwan University earned in 1977. He has a master’s degree in energy engineering as well as a PhD in mechanical engineering both from the University of Illinois.

Mr. Yibo Fang is the current Chief Technology Officer of the company. He has previously held the position of Vice President between August 2002 and March 2005. Before joining TechFaith, he served in hardware positions at ZT Telecom, Beijing Sino-Electronics Future Telecommunication R&D and Motorola (China). Mr. Fang has a degree in electrical engineering and applied electronic technology earned in 1991 from Tsinghua University in China

Mr. Fang received a bachelor’s degree in electrical engineering and applied electronic technology from Tsinghua University in China in 1991. TechFaith Chairman Mr. Defu Dong said they are using the new appointments to strengthen the company Board of Directors and the company stands to reap big from the counsel of Mr. Fang and Dr. Lee as they work towards execution of the company’s strategies.

Ticker CNTF
Market Cap $32.42M
EPS (ttm) -$4.26
Shares Outstanding 11.62M
Shares Float 2.11
Insider Ownership 0.30%
Float Short 2.77%
Short Ratio 0.57
Performance (Quarter) 27.98%
Performance (Year) -34.66%
Performance (YTD) 50.81%
Beta 1.78
Average Volume 102.95K
Price $2.79
Volume 4,065,835
Target Price $1.75

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.

Author: Monica Gray

Monica has an undergraduate degree in Accounting and an MBA she earned - with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

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