OpenAI to produce its own AI chip with Broadcom from 2026- FT
CHENGDU - BGM Group Ltd (NASDAQ: BGM), a $947 million market cap company with a strategic focus on technology and biopharmaceuticals, has announced a significant reshuffle of its board of directors as it embraces a new phase of technological transformation and growth. According to InvestingPro data, the company faces challenges with a 46% year-over-year revenue decline and currently trades at elevated valuation multiples. Mr. Zhanchang Xin, the founder and long-time Chairman of BGM, will resign effective March 1, 2025, and will be succeeded by Mr. Chen Xin, the current CEO.
Mr. Zhanchang Xin, who has led BGM through its NASDAQ listing and other milestones over six decades, expressed his belief that the leadership transition is critical for the company’s continued growth trajectory. He is confident that the younger generation will bring innovative ideas to the table.
Mr. Chen Xin, who will take over as Chairman, has been with the company since May 2024 and has a background in artificial intelligence and data analytics. He has been instrumental in the acquisition of Duxiaobao Intelligent Technology and has extensive experience in corporate management and market consolidation.
Additionally, the board welcomes Mr. Lin Zhang as an independent director and chair of the compensation committee, effective March 1, 2025. Mr. Zhang, with a Ph.D. in Physics and experience in AI model architecture, brings expertise that will support BGM’s decision-making and innovation efforts.
The reshuffle is seen as a strategic move to position BGM for success in the rapidly evolving tech landscape. The new leadership is expected to drive technological transformation, strategic upgrades, and create greater value for shareholders.
BGM’s operations span AI applications, intelligent robots, algorithmic computing power, cloud computing, and biopharmaceuticals. The company provides AI solutions and services for the insurance industry and produces biopharmaceutical products for various markets, integrating AI-assisted decision-making throughout its operations.
This news is based on a press release statement and includes forward-looking statements that involve known and unknown risks. The company has cautioned that actual results may differ materially from those projected in any forward-looking statements. InvestingPro subscribers can access additional insights, including 6 more ProTips and comprehensive financial metrics, to better evaluate BGM’s potential amid its transformation journey.
In other recent news, AIX Inc. has completed a major share exchange transaction with BGM Group Ltd., marking a significant development in the insurance and technology sectors. AIX Inc., through its subsidiary CISG Holdings Ltd., transferred its equity interests in several entities to BGM Group. In return, AIX Inc. acquired 69,995,661 Class A ordinary shares of BGM, representing approximately 72% of BGM’s total issued and outstanding ordinary shares and 3.4% of the aggregate voting power. The transaction was valued at approximately $140 million and was finalized on December 27, 2024. This move positions AIX Inc. to leverage BGM’s resources in the global healthcare sector, potentially accelerating the development of its intelligent insurance platform. Additionally, Mr. Jun Li, the former chief digital officer of AIX Inc., will continue as General Manager at RONS Technology following the transaction. The details of this agreement were disclosed in a filing with the Securities and Exchange Commission (SEC). This strategic exchange marks a new phase for both AIX Inc. and BGM Group Ltd.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.