BIT Mining Limited (NYSE: BTCM) today announced the resignation of Ms. Angel Yan Ki Wong from the Company's Board of Directors (the "Board") due to personal reasons, effective April 17, 2023. Ms. Wong has confirmed that she has no disagreement with the Board and there is no other matter relating to her resignation that needs to be brought to the attention of the Company's shareholders.
The Company also announced the appointment of Dr. Heng Henry Lu to the Board as an independent director within the meaning of Section 303A of the NYSE Listed Company Manual, and as the Chairman of the Audit Committee of the Board, effective April 17, 2023. The Board has determined that Dr. Lu qualifies as an "audit committee financial expert" as defined in Item 16A of Form 20-F of the U.S. Securities and Exchange Commission. Dr. Lu has been a Managing Member of Nimbus 2020 LLC and a Venture Partner of Sycamore Management Corporation ("Sycamore Ventures"), a private equity and venture capital firm, since January 2019.
Prior to that, Dr. Lu was the Managing Director of China Merchants Capital where he led buyout investments in healthcare and selected industrial sector investments. Dr. Lu was a Partner and Chief Representative of China, for William Blair & Company, the Chicago-headquartered investment banking and asset management firm, from 2006 to 2011. Before that, Dr. Lu worked at McKinsey & Company where he advised global and regional companies on their growth and financial strategies.
Dr. Lu was a director and a member of the Audit Committee of China Nepstar Chain Drugstore Ltd. from 2014 to 2016 and is currently an independent director of Hong Kong Exchange-listed Hua Lien International (Holding) Company Limited (director since December 2017) and an independent director and a member of the Audit Committee of China Automotive Systems, Inc (director since July 2019). Dr. Lu holds a Ph.D. in Microbiology from Columbia University and an MBA from the University of Chicago Booth School of Business.
"On behalf of the Board, I would like to thank Ms. Angel Yan Ki Wong for her great contributions to the Company's growth over the past years," said Mr. Bo Yu, Chairman of the Board. "At the same time, I am excited to welcome Dr. Heng Henry Lu to the Company. With our United States-based operations, the U.S. market has become our primary strategic focus as we move forward. We believe that Dr. Lu's solid and proven experience in the U.S. market will benefit BTCM greatly in driving long-term growth."
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