The company closed at 80.5 points on Monday, down 4.73%.
Innovation Technology disclosed after the market closed on Monday (June 30) that Shen Yuanfa, 67, will step down from July 11, but retain the position of non-executive non-independent director. On the same day, the company's executive chairman Dr. Chen Yuzhen will serve as interim president.
Innovative Technology announced on May 16 that it would appoint Shen Yuanfa, the younger brother of the late founder Shen Wangfu, to serve as the company's president. Dr. Chen Yuzhen, who was originally the interim president, will continue to serve as the executive chairman.
According to the company's disclosure, Shen Yuanfa directly holds 368,475 shares in Innovation Technology and indirectly holds 65,000 shares. In addition, he is also one of the inheritance heirs to his elder brother Shen Wangfu. Shen Yuanfa indirectly holds a total of 22.4 million 8776 shares of innovative technology through his brother's estate.
The company's board of directors thanks Shen Yuanfa for his contribution and the guidance he provided to the company and the board of directors. The board of directors will find suitable candidates to take over as president.
Shen Yuanfa, the younger brother of Shen Wangfu, the late founder of Creative Technology, digital sound technology company, resigned for health reasons after less than two months of taking over as the company's president.
Shen Wangfu, founder and president of Innovation Technology, passed away in 2023. He dominated the computer sound card market for many years in 1989 with the Sound Blaster.
According to the statement, Shen Yuanfa has more than 40 years of experience in the fields of consumer electronics and technology. He also said in the statement: "This appointment is my honor. We are all moving forward based on the founding of our brother Shen Wangfu many years ago. When we revitalize the company, I received a symbolic salary of 1 yuan every month."