(Yicai Global) Jan. 23 -- Shares in Qutoutiao surged yesterday after the Chinese content aggregation platform announced that its Chief Financial Officer Wang Jingbo was resigning due to personal reasons.
Its share price [NASDAQ:QTT] closed 9.1 percent higher at USD4.66 yesterday.
Co-CFO Zhu Xiaolu will take Wang's place, the Shanghai-based firm said in a statement the same day, adding that it respects his decision to leave. Wang joined Qutoutiao in 2017.
Zhu, who left Qunar.Com for Qutoutiao last year, has extensive experience in the capital market and internet industry, and has managed many web-based firms, Qutoutiao said. He will take charge of financial management, investor relations and capital market-related matters, reporting directly to Chief Executive Tan Siliang.
Wang is a former vice president of investment banking at Deutsche Bank and served as CFO of Yinke Investment Holdings for three years before joining Qutoutiao. He has an engineering degree from Tsinghua University, a master's in computer science from the University of Hong Kong, and a doctorate in management science from Oxford.
Founded in June 2016, Qutoutiao listed on the Nasdaq in 2018. It lost CNY892 million (USD129 million) during the first three quarters of last year, narrowing the deficit 15.5 percent from CNY1.1 billion a year earlier. Net revenue was up 44 percent at CNY1.4 billion over the same period, according to its third-quarter financial report.
Editor: James Boynton