Q&K Announces Changes to Directors and Senior Management and Shareholders
28 Janvier 2021 - 11:00AM
Q&K International Group Limited (NASDAQ: QK) (“Q&K” or the
“Company”), a leading technology-driven long-term apartment rental
platform in China, today announced changes to its directors and
senior management team and its shareholders.
Mr. Guangjie Jin has resigned as chief executive
officer, chairman of the board of directors, director, chairman and
member of the compensation committee and chairman and member of the
nominating and corporate governance committee of the Company,
effective January 28, 2021. Ms. Qiong Hong has resigned as a
director and member of the nominating and corporate governance
committee of the Company, effective January 28, 2021. Mr. Zhaochun
Zheng, Ms. Kaiyu Yao, and Mr. Wing Cheung Ryan Law have resigned as
directors of the Company, effective January 28, 2021. They resigned
for personal reasons and have no disagreement with the Company. The
board wishes all the best in their future endeavors and thanks them
for their years of service with Q&K.
Mr. Chengcai Qu, Q&K’s director, chief
operating officer and vice president, has been appointed as
chairman of the board of directors, chief executive officer,
chairman and member of the compensation committee and chairman and
member of the nominating and corporate governance committee of the
Company, effective January 28, 2021.
On January 28, 2021, all outstanding share
capital of Yijia Inc., which beneficially owns 180,389,549 class B
ordinary shares of the Company, was transferred from an affiliate
of Mr. Guangjie Jin to High Gate Investments Ltd. Upon completion
of this transfer, High Gate Investments Ltd. beneficially owns
180,389,549 class B ordinary shares of the Company, representing
12.6% of the total outstanding ordinary shares and 59.0% of the
aggregating voting power in the Company.
Mr. Chengcai Qu commented, “the COVID-19
pandemic has affected the apartment rental market in China, which
posed great challenges to us. However, thanks to our management and
employees’ hard work together, support from many of our landlords,
tenants, creditors and other business partners, and favorable
governmental policies such as tax reliefs, we went through this
difficult stage through streamlining the corporate structure,
improving the operating efficiency, divesting under-performing
assets and exploring new business opportunities. As the COVID-19
pandemic has been under control in China, the apartment rental
market and our business have been steadily recovering. In the
fiscal year ended September 30, 2020, we completed the acquisition
of lease contracts with landlords and tenants and related fixtures,
equipment and other assets from another rental service company and
its affiliates, which significantly enriched our asset portfolio.
As the need for rental apartments is still one of the most
inelastic demands in China, we will continue to grow organically
and seek more consolidation opportunities through acquiring high
quality assets. We believe that our new management team will
enhance our ability to execute our strategy and continue to focus
on strengthening our business.”
About Q&K
Q&K International Group Limited (NASDAQ: QK)
is a leading technology-driven long-term apartment rental platform
in China. The Company offers young, emerging urban residents
conveniently-located, ready-to-move-in, and affordable branded
apartments as well as facilitates a variety of value-added
services. Q&K signs long-term leases with individual landlords
in different locations in relatively inexpensive yet convenient
locations and manages them centrally, leveraging its advanced IT
and mobile technologies. Technology is the core of Q&K’s
business and is applied to every step of its operational process
from apartment sourcing, renovation, and tenant acquisition, to
property management. The focus on technology enables Q&K to
operate a large, dispersed, and fast-growing portfolio of
apartments with high operational efficiency and deliver a superior
user experience.
Safe Harbor Statement
This press release contains forward-looking
statements. These statements constitute “forward-looking”
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and as defined in the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as “will,” “expects,”
“anticipates,” “future,” “intends,” “plans,” “believes,”
“estimates” and similar statements. Among other things, the
quotations from management in this press release and the Company
and its subsidiaries’ (collectively, the “Group”) operations and
business outlook contain forward-looking statements. Such
statements involve certain risks, uncertainties and other factors
that could cause actual results to differ materially from those in
the forward-looking statements. These risks and uncertainties
include, but are not limited to the following: the Group’s ability
to access financing on favorable terms in a timely manner and
maintain and expand its cooperation with financial institutions;
the Group’s ability to expand into new markets; the Group’s ability
to manage its growth; the Group’s ability to integrate strategic
investments, acquisitions and new business initiatives; the Group’s
ability to control the quality of its operations, including the
operation of the rental apartments managed by its own apartment
managers or by third-party contractors; the Group’s ability to
attract and retain tenants and landlords, including tenants and
landlords from its acquired lease contracts; the Group’s ability to
manage its brand and reputation; the Group’s goal and strategies;
the Group’s limited operating history; the Group’s ability to
achieve or maintain profitability or continue as a going concern in
the future; the Group’s ability to compete effectively; and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in the
Group’s filings with the U.S. Securities and Exchange Commission.
Except as required by law, the Group does not undertake any
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
For investor and media inquiries, please
contact:
Q&K
E-mail: ir@qk365.com
Christensen
In China
Mr. Rene Vanguestaine
Phone: +86-10-5900-1548
E-mail: rvanguestaine@ChristensenIR.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
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