Battered Chinese test prep and training school operator Ambow Education says it has appointed two new independent directors, Dr. Ping Wu and Mr. Winston Sim. Mr. Sim has also been appointed as a member of the audit committee.
The appointment is yet another effort by the Beijing-headquartered firm to fight for its future. Trading of the New York Stock Exchange-listed Ambow Education was halted in March because of concerns over the company’s accounting practices. Earlier in March, Amdow’s auditor and counsel to its audit committee both resigned.
Dr. Ping Wu is the co-founder of Summitview Capital China Venture Capital Funds, which completed an investment of US$21 million in Ambow Education on June 3. The investment resulted in Dr. Ping Wu’s funds holding 30.8 million shares of Ambow.
This new investment and the appointment of new directors are to demonstrate that Ambow can still gain the confidence of investors.
Before co-founding Summitview Capital, Dr. Ping Wu was the co-founder and had served as president, CEO, and chairman of Spreadtrum Communications Inc., a Nasdaq listed Chinese semiconductor provider.
Mr. Winston Sim is partner of WS Associates, a Singaporean accounting firm. Previously, he was at KPMG Singapore from 1997 to 2003.