CIFI Holdings (Group) Co. Ltd. added three directors to its board, including a nominee of its shareholder Ping An Insurance (Group) Co. of China Ltd.
Zhou Yimin, who was effectively appointed as nonexecutive director of CIFI Holdings on Dec. 18, was nominated following Ping An Insurance's subscription of 545 million new CIFI Holdings shares. As of Dec. 18, Ping An Insurance holds an approximately 9.86% stake in CIFI Holdings, the company noted.
Zhou worked for 12 years with Sun Hung Kai Properties Ltd. as director and general manager of Sun Hung Kai Real Estate Development (China) Ltd. prior to joining Ping An Insurance. The Fudan University graduate is also serving as a nonexecutive director and member of both the audit and nomination committees at Landsea Green Properties Co. Ltd.
Also taking seats in CIFI Holdings' board as executive directors are Chen Dongbiao and Yang Xin.
Before joining CIFI Holdings, Chen worked for China Vanke Co. Ltd. as director of engineering, as well as general manager and chairman of Shanghai Vanke Real Estate Co. Ltd.
Yang, on the other hand, held various management positions in Agricultural Bank of China Ltd. before he became part of CIFI Holdings. A graduate of Shanghai Jiao Tong University, Yang has experience in banking and finance, according to the company.