Announcement • 7h
ZJLD Group Inc to Report First Half, 2026 Results on Aug 19, 2026 ZJLD Group Inc announced that they will report first half, 2026 results on Aug 19, 2026 Announcement • Jul 25
Zjld Group Inc Announces Retirement of Yan Tao from Executive Director and Vice Chairman Roles, Effective July 24, 2026 ZJLD Group Inc. announced that Mr. Yan Tao had decided to retire from his positions as an executive Director and the vice chairman of the Board with effect from July 24, 2026, due to his reaching retirement age. Mr. Yan had confirmed that he had no disagreement with the Board and there was no matter relating to his retirement that needed to be brought to the attention of The Stock Exchange of Hong Kong Limited or the shareholders of the Company. Mr. Yan had served in senior management roles within the Group for nearly two decades, having personally witnessed and steered the Group through its journey of development. He had achieved numerous landmark breakthroughs in areas such as business expansion, strategic transformation and organisational development, thereby laying a solid foundation for the Group’s sustainable growth. Upcoming Dividend • Jun 11
Upcoming dividend of HK$0.07 per share Eligible shareholders must have bought the stock before 18 June 2026. Payment date: 08 July 2026. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of Hong Kong dividend payers (7.0%). Lower than average of industry peers (3.5%). Major Estimate Revision • Apr 01
Consensus revenue estimates fall by 32% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from CN¥5.85b to CN¥3.99b. EPS estimate fell from CN¥0.433 to CN¥0.183 per share. Net income forecast to grow 11% next year vs 12% growth forecast for Beverage industry in Hong Kong. Consensus price target down from HK$9.76 to HK$9.29. Share price was steady at HK$9.21 over the past week. Announcement • Mar 26
ZJLD Group Inc announces Annual dividend, payable on July 08, 2026 ZJLD Group Inc announced Annual dividend of HKD 0.0700 per share payable on July 08, 2026, ex-date on June 18, 2026 and record date on June 22, 2026. Reported Earnings • Mar 26
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥0.16 (down from CN¥0.40 in FY 2024). Revenue: CN¥3.65b (down 48% from FY 2024). Net income: CN¥538.5m (down 59% from FY 2024). Profit margin: 15% (down from 19% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 21%. Earnings per share (EPS) also missed analyst estimates by 53%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Beverage industry in Hong Kong. Announcement • Mar 26
ZJLD Group Inc, Annual General Meeting, Jun 16, 2026 ZJLD Group Inc, Annual General Meeting, Jun 16, 2026. Announcement • Mar 14
ZJLD Group Inc to Report Fiscal Year 2025 Results on Mar 25, 2026 ZJLD Group Inc announced that they will report fiscal year 2025 results on Mar 25, 2026 Buy Or Sell Opportunity • Feb 24
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 7.4% to HK$9.05. The fair value is estimated to be HK$7.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 29% over the last year. Earnings per share has declined by 24%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Buy Or Sell Opportunity • Jan 29
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 9.5% to HK$9.55. The fair value is estimated to be HK$7.39, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 29% over the last year. Earnings per share has declined by 24%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Buy Or Sell Opportunity • Dec 12
Now 22% overvalued Over the last 90 days, the stock has fallen 19% to HK$7.90. The fair value is estimated to be HK$6.49, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 29% over the last year. Earnings per share has declined by 24%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Announcement • Oct 13
ZJLD Group Inc Announces Chief Executive Officer Changes, Effective October 13, 2025 The board of ZJLD Group Inc. announced Mr. Yan Tao ("Mr. Yan") will step down from the position of the Chief Executive Officer and will continue to contribute to the Group as an executive Director and the vice chairman of the Board with effect from October 13, 2025. Mr. Yan will subsequently assist Mr. Wu Xiangdong, the chairman of the Board, in his relevant duties and will be responsible for the business operation and development of Xiang Jiao. Mr. Yan has held senior management positions within the Group for nearly 20 years and as Chief Executive Officer, he has steered the Group through significant growth and numerous milestones and breakthroughs. The Board announces that Mr. Tang Xiangyang ("Mr. Tang") has been appointed as the Chief Executive Officer with effect from October 13, 2025 (the "Appointment"). Mr. Tang will be responsible for the overall management of the Group and the business operation and the development of its Zhen Jiu and Li Du subsidiaries. Mr. Tang, aged 57, joined the Group in 1989. Mr. Tang has served as the general manager of Jiangxi Lidu Wine Industry Co. Ltd. since 2014 and the vice president of the Group since April 2023. Prior to that, Mr. Tang served as the marketing director and the southern China regional director of Huaze Group Co. Ltd. and held management positions in the production and sales branches of Hunan Xiangjiao Liquor Industry Co. Ltd. Mr. Tang previously served as a deputy to the People ' s Congress of Nanchang City, Jiangxi Province. Mr. Tang graduated from Shaoyang Branch of Hunan University in 1989 majoring in Comprehensive Utilization of Agricultural Products, and completed his postgraduate program at the Party School of Hunan Provincial Committee of the Communist Party of China majoring in Economics and Management in 2004. Mr. Tang holds multiple prestigious professional qualifications in the Chinese wine industry as a Chinese Wine Industry Craftsman, National Judge of Chinese Baijiu, and Senior Winemaker. Mr. Tang brings extensive expertise in wine production, sales management, brand building and strategic leadership, having made significant contributions to the development of Li Du. His comprehensive experience spans technical production roles through senior executive positions, encompassing market development, regional management, and corporate leadership. Mr. Tang has entered into a letter of appointment (the "Letter of Appointment") with the Group for a term of three years commencing from October 13, 2025, renewable by mutual agreement upon expiry. Reported Earnings • Sep 28
First half 2025 earnings released: EPS: CN¥0.17 (vs CN¥0.23 in 1H 2024) First half 2025 results: EPS: CN¥0.17 (down from CN¥0.23 in 1H 2024). Revenue: CN¥2.50b (down 40% from 1H 2024). Net income: CN¥574.8m (down 24% from 1H 2024). Profit margin: 23% (up from 18% in 1H 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Beverage industry in Hong Kong. Major Estimate Revision • Aug 29
Consensus revenue estimates fall by 19% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥6.38b to CN¥5.19b. EPS estimate fell from CN¥0.383 to CN¥0.345 per share. Net income forecast to grow 18% next year vs 8.5% growth forecast for Beverage industry in Hong Kong. Consensus price target up from HK$8.28 to HK$9.23. Share price rose 2.9% to HK$10.15 over the past week. Reported Earnings • Aug 25
First half 2025 earnings released: EPS: CN¥0.17 (vs CN¥0.23 in 1H 2024) First half 2025 results: EPS: CN¥0.17 (down from CN¥0.23 in 1H 2024). Revenue: CN¥2.50b (down 40% from 1H 2024). Net income: CN¥574.8m (down 24% from 1H 2024). Profit margin: 23% (up from 18% in 1H 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Beverage industry in Hong Kong. Buy Or Sell Opportunity • Aug 14
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to HK$8.63. The fair value is estimated to be HK$6.91, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 6.4% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$7.93, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 15x in the Beverage industry in Hong Kong. Total returns to shareholders of 14% over the past year. Simply Wall St's valuation model estimates the intrinsic value at HK$6.89 per share. Major Estimate Revision • Aug 11
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥7.03b to CN¥6.38b. EPS estimate also fell from CN¥0.445 per share to CN¥0.383 per share. Net income forecast to grow 4.6% next year vs 8.9% growth forecast for Beverage industry in Hong Kong. Consensus price target down from HK$8.73 to HK$8.30. Share price rose 10% to HK$7.34 over the past week. Announcement • Aug 05
ZJLD Group Inc to Report First Half, 2025 Results on Aug 31, 2025 ZJLD Group Inc announced that they will report first half, 2025 results on Aug 31, 2025 Buy Or Sell Opportunity • Jun 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to HK$6.18. The fair value is estimated to be HK$7.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 8.7% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Buy Or Sell Opportunity • May 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.1% to HK$6.44. The fair value is estimated to be HK$8.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 9.1% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Upcoming Dividend • May 06
Upcoming dividend of HK$0.21 per share Eligible shareholders must have bought the stock before 13 May 2025. Payment date: 30 May 2025. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Hong Kong dividend payers (7.8%). In line with average of industry peers (3.1%). Reported Earnings • Apr 19
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥0.40 (down from CN¥0.78 in FY 2023). Revenue: CN¥7.07b (flat on FY 2023). Net income: CN¥1.32b (down 43% from FY 2023). Profit margin: 19% (down from 33% in FY 2023). Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 23%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Beverage industry in Hong Kong. New Risk • Mar 28
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (19% net profit margin). Major Estimate Revision • Mar 27
Consensus revenue estimates fall by 26% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥9.55b to CN¥7.07b. EPS estimate fell from CN¥0.616 to CN¥0.45 per share. Net income forecast to grow 17% next year vs 15% growth forecast for Beverage industry in Hong Kong. Consensus price target down from HK$9.64 to HK$9.39. Share price was steady at HK$7.24 over the past week. Reported Earnings • Mar 21
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥0.40 (down from CN¥0.78 in FY 2023). Revenue: CN¥7.07b (flat on FY 2023). Net income: CN¥1.32b (down 43% from FY 2023). Profit margin: 19% (down from 33% in FY 2023). Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 23%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Beverage industry in Hong Kong. Announcement • Mar 10
ZJLD Group Inc to Report Fiscal Year 2024 Results on Mar 20, 2025 ZJLD Group Inc announced that they will report fiscal year 2024 results on Mar 20, 2025 Buy Or Sell Opportunity • Feb 25
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.7% to HK$6.51. The fair value is estimated to be HK$8.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last year. Earnings per share has declined by 45%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Buy Or Sell Opportunity • Nov 14
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.4% to HK$6.92. The fair value is estimated to be HK$8.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last year. Earnings per share has declined by 45%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Recent Insider Transactions • Nov 06
Independent Non-Executive Director recently bought HK$740k worth of stock On the 31st of October, Jisheng Yan bought around 100k shares on-market at roughly HK$7.40 per share. This transaction increased Jisheng's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$2.2m more in shares than they have sold in the last 12 months. Buy Or Sell Opportunity • Oct 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.1% to HK$7.13. The fair value is estimated to be HK$9.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last year. Earnings per share has declined by 45%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to HK$8.21, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 16x in the Beverage industry in Hong Kong. Total loss to shareholders of 28% over the past year. Simply Wall St's valuation model estimates the intrinsic value at HK$9.11 per share. Reported Earnings • Sep 28
First half 2024 earnings released: EPS: CN¥0.23 (vs CN¥0.59 in 1H 2023) First half 2024 results: EPS: CN¥0.23 (down from CN¥0.59 in 1H 2023). Revenue: CN¥4.13b (up 18% from 1H 2023). Net income: CN¥751.7m (down 53% from 1H 2023). Profit margin: 18% (down from 45% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Beverage industry in Hong Kong. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$6.63, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Beverage industry in Hong Kong. Total loss to shareholders of 39% over the past year. Simply Wall St's valuation model estimates the intrinsic value at HK$9.17 per share. Reported Earnings • Aug 24
First half 2024 earnings released: EPS: CN¥0.23 (vs CN¥0.59 in 1H 2023) First half 2024 results: EPS: CN¥0.23 (down from CN¥0.59 in 1H 2023). Revenue: CN¥4.13b (up 18% from 1H 2023). Net income: CN¥751.7m (down 53% from 1H 2023). Profit margin: 18% (down from 45% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Beverage industry in Hong Kong. New Risk • Aug 22
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 20% Last year net profit margin: 33% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (20% net profit margin). Shareholders have been diluted in the past year (3.6% increase in shares outstanding). Buy Or Sell Opportunity • Aug 22
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 32% to HK$7.10. The fair value is estimated to be HK$9.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last year. Earnings per share has declined by 29%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Announcement • Aug 09
ZJLD Group Inc to Report First Half, 2024 Results on Aug 21, 2024 ZJLD Group Inc announced that they will report first half, 2024 results on Aug 21, 2024 Buy Or Sell Opportunity • Jul 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 35% to HK$6.90. The fair value is estimated to be HK$8.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Reported Earnings • Apr 25
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: CN¥0.78 (up from CN¥0.44 in FY 2022). Revenue: CN¥7.03b (up 20% from FY 2022). Net income: CN¥2.33b (up 126% from FY 2022). Profit margin: 33% (up from 18% in FY 2022). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Beverage industry in Hong Kong. Announcement • Mar 26
ZJLD Group Inc, Annual General Meeting, Jun 21, 2024 ZJLD Group Inc, Annual General Meeting, Jun 21, 2024. Agenda: To consider to propose final dividend for the year ended December 31, 2023 and to transact such other business related issues. Reported Earnings • Mar 26
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: CN¥0.78 (up from CN¥0.44 in FY 2022). Revenue: CN¥7.03b (up 20% from FY 2022). Net income: CN¥2.33b (up 126% from FY 2022). Profit margin: 33% (up from 18% in FY 2022). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Beverage industry in Hong Kong. Announcement • Mar 14
ZJLD Group Inc to Report Fiscal Year 2023 Results on Mar 25, 2024 ZJLD Group Inc announced that they will report fiscal year 2023 results on Mar 25, 2024 Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$10.60, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 17x in the Beverage industry in Hong Kong. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$9.03, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Beverage industry in Hong Kong. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$12.84, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 21x in the Beverage industry in Hong Kong. New Risk • Sep 25
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 72% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to HK$11.40, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 21x in the Beverage industry in Hong Kong. Announcement • Aug 12
ZJLD Group Inc to Report First Half, 2023 Results on Aug 23, 2023 ZJLD Group Inc announced that they will report first half, 2023 results on Aug 23, 2023 Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$8.86, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 23x in the Beverage industry in Hong Kong. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$8.29, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 24x in the Beverage industry in Hong Kong. Announcement • Jun 06
ZJLD Group Inc, Annual General Meeting, Jun 28, 2023 ZJLD Group Inc, Annual General Meeting, Jun 28, 2023, at 15:00 China Standard Time. Location: JW Marriott Ballroom (Salon 6), Level 3, JW Marriott Hotel Hong Kong, Pacific Place 88 Queensway Hong Kong Agenda: To receive, consider and adopt the audited consolidated financial statements of the Company as of and for the year ended 31 December 2022 as disclosed in the prospectus of the Company dated 17 April 2023; to re-appoint KPMG as the Auditor for the year ending 31 December 2023 and to authorize the Board to fix their remuneration; to give a general mandate to the directors to repurchase shares of the Company not exceeding 10% of the total number of issued shares of the Company as at the date of passing of this resolution. and to consider other matters. Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$6.92, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 24x in the Beverage industry in Hong Kong. Board Change • Apr 27
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Executive Chairman of the Board Xiangdong Wu is the most experienced director on the board, commencing their role in 2021. Independent Non-Executive Director Steven Yung was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. 
