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GUANGZHOU, China, July 1, 2013 (GLOBE NEWSWIRE) -- China Mobile Games and Entertainment Group Limited ("CMGE" or the "Company") (Nasdaq:CMGE), a leading mobile game company in China, today announced that Mr. Haila Wang, an independent director, has resigned from the Company's board of directors, effective July 1, 2013. The Company also announced that Mr. David Ku has been appointed an independent director of CMGE to replace Mr. Wang, effective July 1, 2013.
Mr. Haila Wang, who was appointed an independent director at the time of CMGE's listing on the Nasdaq Global Market in September 2012, has accepted a new position at an affiliated company of VODone Limited, the controlling shareholder of CMGE. As a result of this new position, Mr. Wang no longer satisfies the "independence" requirements of Section 5605(a)(2) of the Nasdaq Listing Rules and Rule 10A-3 under the Securities Exchange Act of 1934, as amended.
"On behalf of the Company and board, we would like to thank Mr. Wang for his valuable contributions and dedicated service," said Mr. Ken Jian Xiao, chief executive officer of CMGE.
Meanwhile, the Company is also pleased to announce that Mr. Ku has been appointed an independent director of CMGE to replace Mr. Wang, effective July 1, 2013.
Mr. David Ku David Ku became our director on July 1, 2013. Mr. Ku serves as the chief financial officer of MediaTek Inc. Prior to that, he worked in the JPMorgan Investment Bank as a Vice President. Mr. Ku received a master's of business administration degree from the University of Illinois at Urbana Champaign.
CMGE is a leading mobile game company in China with the largest market share among mobile game developers in terms of revenues in 2010, 2011 and 2012, according to Analysys International, an independent market research firm. CMGE has integrated capabilities in the development, operation, sale and distribution of mobile games in China. Its mobile handset design business complements its game development business as it pre-installs CMGE's mobile games and game platforms in the handsets it designs, and enhances CMGE's knowledge of user habits and preferences and industry trends. CMGE has a large and diversified portfolio of games, and it has strong game development, operation and sale and distribution capabilities in China.