Jiang Chao, who was in Las Vegas a few days ago, responded exclusively to First Finance and Economics on the morning of January 14 for the Cool Group’s overseas “strategy” and has now left the Cool Group.
“The whole youth, has achieved 30 billion annual sales, there is no regret.” Jiang Chao told reporters.
On the evening of January 13, Cool Group (02369.HK) announced that the company had held a board meeting on January 11, 2019. The directors
attending the board meeting deliberated and adopted (including) the following resolutions: to remove Jiang Chao from all positions of the
company and its affiliates, including but not limited to the company’s role as executive director
, vice-chairman, chief executive officer and all board of directors. Terminate all relevant service contracts and employment contracts and appoint Ma Fei as CFO of the company.
This means that Jiang Chao will withdraw from all the management affairs of the Cool Party. Cool party announcement
shows that Liang Zhaoji and Liang Rui were re-elected as executive directors. Currently, Cool Partners’shares will continue to be sus
pended, with a total market value of HK$3.624 billion and a share price of HK$0.72 before the suspension.
Jiang Chao, formerly Vice Chairman of Cool Group, was appointed CEO by Cool Group in February
2018. After that, Jiang Chao made drastic reforms to Cool Group. First of all, he shut down his business in China one after another, retaining
only the core R&D team, and will carry out some R&D business in India and Taipei, China. He also restructured the U.S. team, which i
s now managed by Alcatel and Samsung USA and accounts for 90% of Cool’s sales.
Two days before the announcement of the recall, Jiang Chaochai appeared in the United States as “Cool CEO” and said that Cool Chiefs could
hardly survive at home and would focus on overseas markets. He also revealed that Cool not only r
ealized the team’s localization in the United States, but also prepared to let American funds come in and become a truly Americanized company.
In his recent New Year’s address, Jiang Chao mentioned that in 2018, the overall business of the Coo
l Party reached its expected goals, and formed a team led by well-known local executives in the United States to explore the North America
n and Canadian markets. In terms of products, besides mobile phones, there are a variety of products such as MBB, tracker, IOT product chain based on household needs, as well as Xcentz, a local brand in the United States.