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BEIJING - CIMG Inc. (NASDAQ:IMG), a business group focused on digital health and sales development with a market capitalization of $44.6 million, has appointed Wenlong Tong as its new president, according to a press release issued Thursday. According to InvestingPro data, the company’s stock has faced challenges, declining over 56% in the past six months.
Tong, described as a seasoned sales professional with entrepreneurial experience, previously pioneered paid short-video services for traditional businesses in China. His career includes serving clients across finance, smart city initiatives, new energy, and e-commerce sectors.
In his new role, Tong will focus on developing the company’s computing power business and strengthening its digital assets and Web3.0 strategy initiatives.
"I’m very excited to join CIMG, a company that has great growth potential and foresight," Tong said in the statement.
Alice Wang, Chairwoman and Chief Executive Officer of CIMG, expressed confidence that Tong’s expertise would contribute to the development of the company’s computing power business.
CIMG describes itself as a global business group specializing in digital health and sales development that uses technology and marketing to enhance partners’ sales growth and commercial value. The company’s brand portfolio includes Kangduoyuan, Maca-Noni, Qianmao, Huomao, and Coco-mango.
The appointment appears aimed at improving the company’s diversified industrial layout and enhancing its competitiveness in digital assets, according to the press release.
In other recent news, CIMG Inc. announced the completion of a $55 million stock sale in exchange for 500 Bitcoin. This transaction is part of the company’s financial management strategy. Additionally, CIMG disclosed a private placement agreement with non-U.S. investors for 220 million shares, valued at $55 million, also to be paid in Bitcoin. The transaction’s closing is expected by September 2, 2025, subject to customary conditions. Furthermore, CIMG has entered into a $4 million convertible note agreement with non-U.S. investors, with the notes maturing in August 2026.
The company is also planning to launch the Upstarts Fund in collaboration with iZUMi Group Ltd., aiming to raise $20 million for a regulated crypto investment framework. In another development, CIMG received approval from the Nasdaq Hearings Panel to continue its listing, provided it complies with specific conditions by September 2025. These recent developments highlight CIMG’s strategic financial maneuvers and compliance efforts.
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