WUHAN, China, January 8, 2015 /PRNewswire/ — Kingold Jewelry, Inc. ("Kingold" or "the Company") (NASDAQ: KGJI), one of China’s leading manufacturers and designers of high quality 24-karat gold jewelry, ornaments and investment-oriented products, today announced that it has formed a formal committee focused on ensuring that the Company is creating value for stockholders. The stockholder value committee consists of Board members Chairman Zhihong Jia, David Sherman, and Zhonghong Fu, assisted by the Company’s Chief Financial Officer, Bin Liu.
The Company’s Board of Directors has been reviewing its corporate strategy with a view towards setting a formal process of reviewing methods in which the Company can consistently enhance stockholder value, including providing greater investor access to management, improving its corporate governance, being consistent in its capital market strategy, and providing greater transparency.
Chairman Jia is the founder of Kingold and through a call option arrangement with Famous Grow Holdings Limited is the beneficial owner of roughly 16 million shares in Kingold. Mr. Jia has also served as Vice President of the Gems and Jewelry Trade Association of China since November 2005. Zhonghong Fu joined the board of Kingold on October 27, 2014. Mr. Fu is the partner in charge of the Shanghai branch of Fortune Venture Capital Co. Ltd. Fortune Capital is one of the leading Chinese venture capital firms with over $3 billion in assets under management. Mr. Fu was appointed as Chairman of the Compensation Committee and as a member of the Audit and Nominating Committee.
David Sherman has served as an independent director of Kingold Jewelry Inc. since February 1, 2011. Mr. Sherman has served as Chairman of the Audit Committee and as a member of the Compensation and Nominating Committees since February 2011. Mr. Sherman is a Professor of Accounting at Northeastern University D’Amore McKim School of Business.
About Kingold Jewelry, Inc.
Kingold Jewelry, Inc. (NASDAQ: KGJI), centrally located in Wuhan City, one of China’s largest cities, was founded in 2002 and today through a variable interest entity, or VIE, relationship with Wuhan Kingold Jewelry Company Limited, a corporation incorporated in the People’s Republic of China, is one of China’s leading designers and manufacturers of 24-karat gold jewelry, ornaments, and investment-oriented products. The Company sells both directly to retailers as well as through major distributors across China. Kingold has received numerous industry awards and has been a member of the Shanghai Gold Exchange since 2003. For more information, please visit www.kingoldjewelry.com.
Kingold Jewelry, Inc.
Bin Liu, CFO
Phone: +1-847-660-3498 (US) / +86-27-6569-4977 (China)
The Equity Group Inc.
Katherine Yao, Associate
Adam Prior, Senior Vice President
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/kingold-jewelry-board-of-directors-announces-formation-of-stockholder-value-committee-300017333.html