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Investing.com -- mF International Limited (NASDAQ:MFI) stock ticked lower by 5.5% in Tuesday premarket trading after the company announced a significant leadership change with CEO Haoyu Wang resigning from his position.
The company appointed Dawei Yuan, an entrepreneur with extensive blockchain infrastructure development experience, as the new CEO and Chairman of the Board, effective immediately. Wang also resigned from his roles as director and chief compliance officer, with CFO Yang Liu taking over the compliance position.
According to the company, Wang’s resignation was due to personal reasons and not related to any disagreement on operations, policies, or practices. The leadership transition comes just days after mF announced plans to initiate a digital asset treasury strategy on November 21.
Yuan brings significant blockchain and digital finance experience to the role. He previously founded RedotPay, which reportedly achieved unicorn status within two years, and co-founded Huobi, which became China’s largest cryptocurrency exchange during his tenure as Operations Director from 2013 to 2015.
The new CEO appointment aligns with the company’s recently announced digital asset treasury strategy, which will include investments in BCH and other digital assets as a hedge against inflation and potential value creation for shareholders.
In his departing statement, Wang expressed confidence in Yuan’s leadership, noting his "exceptional background in blockchain technology and digital asset management" makes him "the ideal leader to execute mF’s digital asset treasury strategy."
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