QJY Recruits Six Financial and Media Industry Leaders to Join Group Board of Directors
HONG KONG -- Qin Jia Yuan Media Services Company Limited (HKEx: 2366, hereinafter referred to as the "Group" or "QJY") is pleased to announce the appointment of six industry leaders in finance and media to the Group's Board of Directors. Effective July 8th, 2010, GARY TSE will assume the role of Executive Director and Chief Operating Officer of the Group, WAYNE CHOU will assume the role of Independent Non-Executive Director and STANLEY EMMETT THOMAS, LINCOLN PAN LIN FENG, PETER A. ZALDIVAR, and SU XIAO SHAN will assume the roles of Non-Executive Directors.
The Group is also pleased to announce that current Independent Non-Executive Director DENNIS LAM HAW SHUN will transition to the role of Non-Executive Director with responsibilities for supporting the Group's strategy in new media and Japan and overseas market business development. Mr. Lam will remain as a member of the Audit Committee and Remuneration Committee under the board of directors of the Group.
The new Director appointees join several other media industry veterans on the Group's Board of Directors including David Liu Yuk Chi (who worked as senior management in Aegis Corporation, McCann-Erickson), Douglas Flynn (who worked as senior management in Aegis Corporation, News Corporation), and Bernard Yiu Yan Chi (who worked as senior management in McCann-Erickson, Young & Rubicam). With the appointments today, QJY adds over 50 years of media industry experience and nearly 50 years of investment and private equity experience to the Board of QJY, which now comprises a total of 18 directors.
The board appointments support QJY's strategy to becoming a diversified cross media company in China, with leadership in out-of-home advertising, TV channel management, television content production and new media. The 18 Board members will be responsible for monitoring the Company's operations, and will also advise on and support the Company's strategic direction and business development.
GARY TSE, EXECUTIVE DIRECTOR AND CHIEF OPERATING OFFICER
Gary is a marketing, branding and media veteran with over 30 years' experience across Hong Kong and China, working for global marketing agencies. Prior to joining QJY, Gary was Chairman and CEO of Draftfcb Greater China, responsible for creating a new agency model by merging Draft (world's number two direct and digital agency) and FCB (a 100 years+ global agency). Under his leadership, Draftfcb established a leading digital advertising agency in Mainland China. Gary has advised numerous global and leading China brands including Haier, Samsung, Kraft, YUM China, Shanghai General Motors, and Beiersdorf. He also has extensive experience in working with blue chip clients across all industries in Hong Kong. Gary is a communications graduate of Hong Kong Baptist University majoring in advertising and PR.
WAYNE CHOU, INDEPENDENT NON-EXECUTIVE DIRECTOR
Wayne Chou brings over 12 years of Greater China media experience to the Board of QJY. Wayne has held leadership positions across Greater China with Travelzoo, Inc. and TOM Group. Wayne worked with Star Group Limited, a company under News Corporation and was responsible for all the Taiwan operations. He has also worked with ABN-AMRO and KMPG Peat Marwick. Wayne is currently a Non-Executive Director of the Media Development Authorities, a Singapore Government Regulatory Body for Media and the managing director of Popular Holdings Limited, a company listed in Singapore. Wayne is a graduate of Murdoch University in Australia and a Certified Practising Accountant of Australia.
STANLEY EMMETT THOMAS, NON-EXECUTIVE DIRECTOR
Emmett joined Advantage Partners in 2007 to lead the firm's activities in ex-Japan Asia. Advantage Partners is one of the leading Private Equity firms in North Asia, having invested over US$ 1.5 billion in more than 30 companies over the last 13 years. He started his career in Tokyo at TSE-listed SMC Corporation, the factory automation manufacturer. After graduation from business school, he spent 18 years at the Monitor Group, the global strategy-consulting firm, working in the Cambridge, Tokyo and Hong Kong offices. For the last 10 years he served as President of Asia. He has led more than 200 consulting engagements, across a wide variety of sectors. In addition, he directly led the private equity advisory business in Asia, advising on over 30 transactions, and many portfolio company engagements. He graduated from Duke University with a B.A in Economics and holds an MBA from Harvard Business School. He has resided in Asia for more than 17 years. Emmett represents First Media Holdings, a company wholly owned by funds serviced directly and indirectly by Advantage Partners LLP.
LINCOLN PAN LIN FENG, NON-EXECUTIVE DIRECTOR
Lincoln is a Director with Advantage Partners and leads the firm's expansion efforts outside Japan. He is currently one of the responsible investment professionals for GST Autoleather. Lincoln joined Advantage Partners from GE Commercial Finance where he was the Executive Director responsible for Asia internal M&A and the strategy leader for GE's private equity, structured finance (including project financing and industrial equipment financing businesses) and special situations businesses in Asia. At GE, Lincoln led multiple transactions in Greater China and Southeast Asia for banks, non-bank finance and leasing companies. Prior to GE, Lincoln was a senior consultant with McKinsey & Company where he spent 5+ years with the financial services practice in Greater China and New York. He is qualified to practice law in the state of New York and has worked with the international law firm Simpson Thacher & Bartlett. Lincoln holds a J.D., cum laude, from Harvard Law School and a B.A., magna cum laude from Williams College. Lincoln represents First Media Holdings, a company wholly owned by funds serviced directly and indirectly by Advantage Partners LLP.
PETER A. ZALDIVAR, NON-EXECUTIVE DIRECTOR
Peter Zaldivar is a Principal, Co-Founder and CEO of Kabouter Management LLC, a private investment partnership focused on non-US micro-cap equities. Peter co-founded Kabouter in 2003 and brings over 15 years of experience working with small-cap companies around the world. Prior to joining Kabouter, Peter spent 6 years with Wanger Asset Management and 2 years with Thomas White International. Peter holds a J.D., cum laude, from Harvard Law School and a B.A. from University of Wisconsin-Madison.
SU XIAO SHAN, NON-EXECUTIVE DIRECTOR
Su Xiao Shan has over 20 years of experience in marketing, public relations and advertising in the People's Republic of China. He has occupied senior positions in marketing and advertising in various entities of Beijing CITIC group from 1990 to 2003. In 2004, Su founded his own advertising company. He is a long time partner of QJY. Su is a graduate of the Beijing Broadcasting Institute (now known as Communication University of China).
Other 12 board members consists of: non-executive directors: Dr. WONG Yu Hong, Philip, GBS, Mr. LIU Yuk Chi, David (Vice Chairman), Dr. WONG Ying Ho, Kennedy, BBS, JP, Mr. FLYNN Douglas Ronald, Ms. HO Chiu King, Pansy Catilina, Mr. OWYANG Loong Shui Ivan and Mr. LAM Haw Shun Dennis, JP; independent non-executive directors: Mr. LAU Hon Chuen, GBS, JP and Mr. HUI Koon Man, Michael, JP; and executive directors: Dr. LEUNG Anita Fung Yee Maria, Mr. YIU Yan Chi, Bernard and Mr. TSIANG Hoi Fong.
Simultaneous with the appointment of the six new Directors to the Group's Board, three existing Directors -- Kym Pfitzner, Simon Zinger and Kwei-Fen Lee -- have stepped down from the Group's Board. All have served on the Board of Directors for more than five years and will continue to contribute in their capacities as business partners of QJY.
Profile of Advantage Partners
Advantage Partners is a pioneer in the private equity industry in Japan. Founded in 1992, it began providing services to private equity funds in 1997 and today, services several funds aggregating in excess of US$3.4 billion. Advantage Partners places great importance on supporting its portfolio companies with operational improvements and strategic planning. Advantage Partners is now a substantial shareholder of QJY and will rank second upon conversion of convertible bonds and warrants.
Profile of Kabouter Management
Kabouter is a Chicago-based investment management firm with assets under management of approximately USD185 million as at 31 December 2009. Kabouter adopts a reasonable price approach by investing in small to medium size companies in non-US developed markets and benefits from their growth. Kabouter acquires QJY shares in the open market and holds over 5% of issued share capital of QJY for its long-term investment.
The Group is also pleased to announce that current Independent Non-Executive Director DENNIS LAM HAW SHUN will transition to the role of Non-Executive Director with responsibilities for supporting the Group's strategy in new media and Japan and overseas market business development. Mr. Lam will remain as a member of the Audit Committee and Remuneration Committee under the board of directors of the Group.
The new Director appointees join several other media industry veterans on the Group's Board of Directors including David Liu Yuk Chi (who worked as senior management in Aegis Corporation, McCann-Erickson), Douglas Flynn (who worked as senior management in Aegis Corporation, News Corporation), and Bernard Yiu Yan Chi (who worked as senior management in McCann-Erickson, Young & Rubicam). With the appointments today, QJY adds over 50 years of media industry experience and nearly 50 years of investment and private equity experience to the Board of QJY, which now comprises a total of 18 directors.
The board appointments support QJY's strategy to becoming a diversified cross media company in China, with leadership in out-of-home advertising, TV channel management, television content production and new media. The 18 Board members will be responsible for monitoring the Company's operations, and will also advise on and support the Company's strategic direction and business development.
GARY TSE, EXECUTIVE DIRECTOR AND CHIEF OPERATING OFFICER
Gary is a marketing, branding and media veteran with over 30 years' experience across Hong Kong and China, working for global marketing agencies. Prior to joining QJY, Gary was Chairman and CEO of Draftfcb Greater China, responsible for creating a new agency model by merging Draft (world's number two direct and digital agency) and FCB (a 100 years+ global agency). Under his leadership, Draftfcb established a leading digital advertising agency in Mainland China. Gary has advised numerous global and leading China brands including Haier, Samsung, Kraft, YUM China, Shanghai General Motors, and Beiersdorf. He also has extensive experience in working with blue chip clients across all industries in Hong Kong. Gary is a communications graduate of Hong Kong Baptist University majoring in advertising and PR.
WAYNE CHOU, INDEPENDENT NON-EXECUTIVE DIRECTOR
Wayne Chou brings over 12 years of Greater China media experience to the Board of QJY. Wayne has held leadership positions across Greater China with Travelzoo, Inc. and TOM Group. Wayne worked with Star Group Limited, a company under News Corporation and was responsible for all the Taiwan operations. He has also worked with ABN-AMRO and KMPG Peat Marwick. Wayne is currently a Non-Executive Director of the Media Development Authorities, a Singapore Government Regulatory Body for Media and the managing director of Popular Holdings Limited, a company listed in Singapore. Wayne is a graduate of Murdoch University in Australia and a Certified Practising Accountant of Australia.
STANLEY EMMETT THOMAS, NON-EXECUTIVE DIRECTOR
Emmett joined Advantage Partners in 2007 to lead the firm's activities in ex-Japan Asia. Advantage Partners is one of the leading Private Equity firms in North Asia, having invested over US$ 1.5 billion in more than 30 companies over the last 13 years. He started his career in Tokyo at TSE-listed SMC Corporation, the factory automation manufacturer. After graduation from business school, he spent 18 years at the Monitor Group, the global strategy-consulting firm, working in the Cambridge, Tokyo and Hong Kong offices. For the last 10 years he served as President of Asia. He has led more than 200 consulting engagements, across a wide variety of sectors. In addition, he directly led the private equity advisory business in Asia, advising on over 30 transactions, and many portfolio company engagements. He graduated from Duke University with a B.A in Economics and holds an MBA from Harvard Business School. He has resided in Asia for more than 17 years. Emmett represents First Media Holdings, a company wholly owned by funds serviced directly and indirectly by Advantage Partners LLP.
LINCOLN PAN LIN FENG, NON-EXECUTIVE DIRECTOR
Lincoln is a Director with Advantage Partners and leads the firm's expansion efforts outside Japan. He is currently one of the responsible investment professionals for GST Autoleather. Lincoln joined Advantage Partners from GE Commercial Finance where he was the Executive Director responsible for Asia internal M&A and the strategy leader for GE's private equity, structured finance (including project financing and industrial equipment financing businesses) and special situations businesses in Asia. At GE, Lincoln led multiple transactions in Greater China and Southeast Asia for banks, non-bank finance and leasing companies. Prior to GE, Lincoln was a senior consultant with McKinsey & Company where he spent 5+ years with the financial services practice in Greater China and New York. He is qualified to practice law in the state of New York and has worked with the international law firm Simpson Thacher & Bartlett. Lincoln holds a J.D., cum laude, from Harvard Law School and a B.A., magna cum laude from Williams College. Lincoln represents First Media Holdings, a company wholly owned by funds serviced directly and indirectly by Advantage Partners LLP.
PETER A. ZALDIVAR, NON-EXECUTIVE DIRECTOR
Peter Zaldivar is a Principal, Co-Founder and CEO of Kabouter Management LLC, a private investment partnership focused on non-US micro-cap equities. Peter co-founded Kabouter in 2003 and brings over 15 years of experience working with small-cap companies around the world. Prior to joining Kabouter, Peter spent 6 years with Wanger Asset Management and 2 years with Thomas White International. Peter holds a J.D., cum laude, from Harvard Law School and a B.A. from University of Wisconsin-Madison.
SU XIAO SHAN, NON-EXECUTIVE DIRECTOR
Su Xiao Shan has over 20 years of experience in marketing, public relations and advertising in the People's Republic of China. He has occupied senior positions in marketing and advertising in various entities of Beijing CITIC group from 1990 to 2003. In 2004, Su founded his own advertising company. He is a long time partner of QJY. Su is a graduate of the Beijing Broadcasting Institute (now known as Communication University of China).
Other 12 board members consists of: non-executive directors: Dr. WONG Yu Hong, Philip, GBS, Mr. LIU Yuk Chi, David (Vice Chairman), Dr. WONG Ying Ho, Kennedy, BBS, JP, Mr. FLYNN Douglas Ronald, Ms. HO Chiu King, Pansy Catilina, Mr. OWYANG Loong Shui Ivan and Mr. LAM Haw Shun Dennis, JP; independent non-executive directors: Mr. LAU Hon Chuen, GBS, JP and Mr. HUI Koon Man, Michael, JP; and executive directors: Dr. LEUNG Anita Fung Yee Maria, Mr. YIU Yan Chi, Bernard and Mr. TSIANG Hoi Fong.
Simultaneous with the appointment of the six new Directors to the Group's Board, three existing Directors -- Kym Pfitzner, Simon Zinger and Kwei-Fen Lee -- have stepped down from the Group's Board. All have served on the Board of Directors for more than five years and will continue to contribute in their capacities as business partners of QJY.
Profile of Advantage Partners
Advantage Partners is a pioneer in the private equity industry in Japan. Founded in 1992, it began providing services to private equity funds in 1997 and today, services several funds aggregating in excess of US$3.4 billion. Advantage Partners places great importance on supporting its portfolio companies with operational improvements and strategic planning. Advantage Partners is now a substantial shareholder of QJY and will rank second upon conversion of convertible bonds and warrants.
Profile of Kabouter Management
Kabouter is a Chicago-based investment management firm with assets under management of approximately USD185 million as at 31 December 2009. Kabouter adopts a reasonable price approach by investing in small to medium size companies in non-US developed markets and benefits from their growth. Kabouter acquires QJY shares in the open market and holds over 5% of issued share capital of QJY for its long-term investment.
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