China-Singapore Jingwei, December 29 R&F Properties announced on the evening of the 29th on the Hong Kong Stock Exchange that due to the need to invest more time and energy in other affairs, Zhang Zhang has resigned as the company's director and chief executive officer since December 29, 2023.
*: Company announcement.
As a co-founder of the company, Zhang Li has played an important role in managing the company for nearly three decades and laid an important foundation for the group, the company said. Zhang Zhang has confirmed that there is no difference of opinion with the board of directors.
According to another report, at the end of 2022, Zhang Zhang was arrested in London and faced extradition proceedings due to accusations by the United States that he won a business contract in California through kickbacks.
On the evening of December 12, 2022, R&F Group*** issued a statement saying, "Zhang Li has been charged with bribery for hosting a banquet in China and providing hotel accommodation for a former director of public works in San Francisco, USA, and we are taking legal action against this false accusation." On December 13, R&F Properties issued a voluntary announcement stating that the Company is aware of reports that a London court has granted bail to Zhang Li, a director of the Company, in connection with a pending case in the United States relating to Z&L Properties. The Company clarified that it had not provided any security in relation to bail, that it had no interest in Z&L Properties (owned by Mr. Zhang Zhang and his affiliates) and that the case would not have any material adverse effect on the Company's business and operations".
Later, there was ** news that in June 2023, Zhang Zhang agreed to be extradited to the United States. In July, Zhang Zhang flew back from the United States. The news also mentioned that a press release disclosed by the U.S. Attorney's Office for the Northern District of California showed that Zhang Zhang had reached an agreement with prosecutors to postpone the prosecution. If Zhang complies with the terms of the deferred prosecution agreement, the charges will be dropped after three years.
Founded in 1994 and headquartered in Guangzhou, R&F Group has become a comprehensive group with real estate development as its main business, as well as diversified development in the fields of hotel development, commercial operation, culture, sports and tourism, Internet industry and trade, medical care and health care, design and construction, etc. In 2005, R&F was listed on the Main Board of the Hong Kong Stock Exchange.
Wind data shows that R&F Properties' revenue in the first half of 2023 is 1659.9 billion yuan, down 7 percent year-on-year42%；The net profit loss was 510.9 billion yuan, an increase of 26 percent year-on-year17%。
In the secondary market, as of December 29, Hong Kong stocks **, R&F Properties reported 114 Hong Kong dollars shares, the company's total market value of 4.3 billion Hong Kong dollars. (Zhongxin Jingwei app).
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