Functional Brands closes $8 million private placement and completes Nasdaq listing
Phoenix Asia Holdings Ltd (NASDAQ:PXAH), a Hong Kong-based construction and real estate company, announced Monday that its board of directors has appointed two new members, expanding the board by two seats effective October 31. The information was disclosed in a press release statement and recent SEC filing.
Ms. Yafei Xie, age 37, has been appointed as a non-independent director. According to the filing, Ms. Xie has over a decade of experience in capital markets. Since January 2025, she has served as a registered officer and executive partner at Glory Profit Capital Limited. Her previous roles include part-time lecturer at HKU Institute for China Business, director at Royal Morgan Fund Management Co., Ltd., and supervisor at Zhuhai Huafa Group Co., Ltd. Ms. Xie holds a bachelor’s degree from The London School of Economics and Political Science and a master’s degree from the University of Leicester. She will receive monthly compensation of $3,850 for her board service.
Ms. Yaqiao Xie, age 36, has been named an independent director and will also serve on the audit, compensation, and nominating and corporate governance committees. Ms. Yaqiao Xie brings more than ten years of business administration experience, having most recently served as chief executive officer of Guangdong Xintou Co., Ltd. She has also held management positions at Beijing Zhongke Residence Company and Imperial Pacific International Holdings Limited. Ms. Yaqiao Xie will receive monthly compensation of $1,280 for her role.
The board determined that Ms. Yafei Xie is not independent, while Ms. Yaqiao Xie qualifies as an independent director under Nasdaq Stock Market LLC guidelines. The company stated there are no family relationships or related-party transactions between the new directors or with any current officers or directors.
Both appointments are governed by director and indemnification agreements, which include customary confidentiality and conduct obligations.
This update is based on a press release statement and the company’s recent SEC filing.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.