In case your living under a rock, The9 is a leading retailer in China’s ‘Holy cow, that’s just enormous’ gaming industry. They focus mainly on operating and developing top titles for the Chinese online gaming market. The9 does this either directly with in house titles OR through affiliate licensing deals. Some of the titles in The9’s portfolio are Granado Espada, Soul of the Ultimate Nation, and a small title you may have heard of: World of Warcraft. To say that The9 are a small deal would be a large mistake.
So it might come as a bit of a surprise that Chief Financial Officer Tony Tse has decided to step down from his post with The9. Mr. Tse has resigned sue to personal and family reasons according to The9’s PR rep. Tse will leave the 9 effective July 4th.
When you’re managing that amount of cash, time really IS money. Wasting now time or money, The9 have also announced that they’ve appointed Mr. George Lai as new man behind the bucks, effective July 3rd (So they have 2CFO’s on the 3rd? Who gets the office?)
Prior to The9, Lai has worked at Deloitte Touche Tohmatsu since 2000 and served in various positions including audit manager and senior auditr in Hong Kong, New York and Beijing. In other words, don’t even try to squeeze a penny by this guy…he knows his stuff.
Mr. Jun Zhu, The9′s Chairman and Chief Executive Officer, commented:
“Although we are sorry to see Tony’s departure due to personal and family reasons, we would like to express our sincere gratitude to his hard work during his serving period at The9. In addition, we are very pleased to welcome George on board as our new Chief Financial Officer. George has extensive knowledge in US GAAP and solid background in dealing with public company issues, especially in the fast booming internet industries, and we believe he will fully utilize these knowledge and skill-sets to perform the important managerial role of Chief Financial Officer at The9.”