The Times China CFO seems to have run into a compliance issue
The chief financial officer of a Guangzhou-based developer who was caught enjoying a quickie in the back of a Hong Kong taxi was given a hasty exit from his role after a video of the former Goldman Sachs executive and a female companion went viral last week.
Times China Holdings announced to the Hong Kong stock exchange on 12 July that Wong Wing Nin had stepped down from his CFO role, and been replaced by long-time board member and vice president Niu Jimin, without giving reasons for Wong’s departure after just one year at his post.
Local news reports, however, indicated that, in an internal memo to staff, the company said that its reputation had been damaged after the video showed Wong engaged in lewd acts with his female companion before dropping her off on Bonham Street in Central.
Social Distancing Not Observed
Wong’s climatic encounter with his partner was recorded the evening of 7 July, and became popular with social media followers in Hong Kong by the next day, according to local news accounts. (Less family friendly images and details available here).
After starting last week at HK$16.32 per share, Times China’s stock by Friday had slid more than 10 percent to HK$14.62 after falling each day since the scandal broke.
Now 43, Wong was appointed CFO at Times China on 1 July 2019, where he was responsible for financial reporting and investor relations for the developer, which had contracted sales of RMB 78.4 billion ($11.2 billion) last year.
Wong had joined Times China in 2015 after stints with Hong Kong-based investment manager Silverhorn and equity investment manager GMT Capital. Earlier, the University of Pennsylvania graduate had been a trader with Goldman Sachs and a stock research analyst with Morgan Stanley, according to a bio provided by Times China.
Leave a Reply