공시 • Jul 12
Jianguang Qian Tenders His Resignation as the Chief Financial Officer of Takung Art Co., Ltd On July 10, 2023, Mr. Jianguang Qian tendered his resignation as the Chief Financial Officer of Takung Art Co., Ltd. effective immediately. Mr. Qian’s decision to resign was not the result of any disagreements with the Company on any matter related to the operations, policies, or practices of the Company. On the same date, the nominating committee of the board of directors of the Company appointed Mr. Yaobin Wang as the new Chief Financial Officer, effective immediately, to fill in the vacancy resulting from the resignation of Mr. Qian. In connection with Mr. Wang’s appointment, the Company and Mr. Wang entered into an employment agreement, dated July 10, 2023, pursuant to which Mr. Wang will receive an annual base salary of $60,000 and discretionary share compensation for his services as Chief Financial Officer. His term of employment, which began July 10, 2023, is for one year, with the first three months being his probationary period. His employment may be terminated at any time during this probationary period and thereafter upon one month’s written notice. Mr. Wang may terminate his employment at any time for any reason or no reason upon three month’s advance written notice. Mr. Yaobin Wang has served as the Finance Director & Operation Data Director of Lvmama.com since August 2018. From June 2017 to July 2018, Mr. Wang served as the Director and CFO of SunMoon Food Company Limited. Mr. Wang served as an Investment Director of Yiguo Group from June 2017 to July 2018 and prior to that as Finance Director from April 2015 to June 2017. Mr. Wang received his bachelor’s degree in International Trade & Economy from Shanghai Jiao Tong University in 2008. Mr. Wang is a certified public accountant in China (CICPA) and the United States (AICPA). 공시 • May 26
Takung Art Files the Form 10-Q and Regains Compliance with Section 1007 of the Listing Rule On May 23, 2023, Takung Art Co., Ltd. received a notice from the NYSE Regulation (the ‘NYSE Regulation’) of NYSE American LLC indicating that the Company was not in compliance with Section 1007 of the NYSE American Company Guide (the ‘Listing Rule’) because the Company failed to timely file its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 (the ‘Form 10-Q’), with the Securities and Exchange Commission (the ‘SEC’). The Listing Rule requires listed companies to timely file all required periodic financial reports with the SEC. The Company filed the Form 10-Q on May 24, 2023, and received a letter from the NYSE Regulation informing the Company that it had regained compliance with Section 1007 of the Listing Rule as a result of the Company’s filing of its Form 10-Q. As the Company has regained compliance, the receipt of the Letter confirmed that the matter was now closed. 공시 • May 16
Takung Art Co., Ltd. announced delayed 10-Q filing On 05/15/2023, Takung Art Co., Ltd. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. 공시 • Jan 27
Takung Art Receives Notice of Non-Compliance from NYSE American Exchange On January 25, 2023, Takung Art Co., Ltd. announced that it has received a notice of noncompliance from the NYSE American Exchange on January 20, 2023 because the Company did not hold an annual meeting in 2022 due to it requiring additional time to respond to comments from the U.S. Securities Exchange Commission (the ‘SEC’) regarding the Company’s Definitive Proxy Statement, as amended, and Registration Statement on Form F-4 filed with the SEC on December 19, 2022. The Company expects to hold an annual meeting in 2023, at which time it will regain compliance with the NYSE American’s continued listing standards. 공시 • Nov 19
Takung Art Co., Ltd., Annual General Meeting, Dec 12, 2022 Takung Art Co., Ltd., Annual General Meeting, Dec 12, 2022, at 09:00 US Eastern Standard Time. Location: Office Q 11th Floor, Kings Wing Plaza 2, No. 1 Kwan Street Shatin Hong Kong Agenda: To ratify the appointment of Assentsure PAC (Assentsure) as the Companys independent registered public accounting firm for the fiscal year ending December 31, 2022; To approve the proposed sale of our subsidiaries, HongKong MQ Group Limited (HongKong MQ), HongKong Takung Art Company Limited (HongKong Takung) to Fecundity Capital Investment Co., Ltd for a purchase price of US$1,500,000 (the Consideration) (the Disposition);To adopt the Agreement and Plan of Merger by and between the Company and NFT Limited; To adopt the Memorandum and Articles of Association of NFT Limited (the M&A) pursuant to which NFT Limited will be authorized to issue 450,000,000 ClassA ordinary shares, par value US$0.0001 each (the ClassA Ordinary Shares), 50,000,000 Class B ordinary shares, par value US$0.0001 each (the Class B Ordinary Shares. Board Change • Sep 02
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Director Anthony Poon is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 11
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Xiaoyu Zhang was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 25
Third quarter 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2021 results: US$0.16 loss per share (down from US$0.007 profit in 3Q 2020). Net loss: US$1.99m (down US$2.07m from profit in 3Q 2020). Revenue missed analyst estimates by 78%. Earnings per share (EPS) exceeded analyst estimates by 271%. Earnings per share (EPS) surpassed analyst estimates by 271%. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 90% per year, which means it is tracking significantly ahead of earnings growth. Executive Departure • Oct 07
Chief Financial Officer Chui-Kam Ng has left the company On the 30th of September, Chui-Kam Ng's tenure as Chief Financial Officer ended after less than a year in the role. We don't have any record of a personal shareholding under Chui-Kam's name. A total of 3 executives have left over the last 12 months. Reported Earnings • Aug 18
Second quarter 2021 earnings released: US$0.62 loss per share (vs US$0.001 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: US$1.14m (down 32% from 2Q 2020). Net loss: US$7.23m (loss widened US$7.21m from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Executive Departure • Jul 25
Chief Executive Officer Zhihuang Yang has left the company On the 20th of July, Zhihuang Yang was replaced as CEO by Kwok Leung Paul Li after less than a year in the role. We don't have any record of a personal shareholding under Zhihuang's name. A total of 3 executives have left over the last 12 months. Under Zhihuang's leadership, the company delivered a total shareholder return of 904%. Executive Departure • Jun 10
Chief Financial Officer Jing Wang has left the company On the 1st of June, Jing Wang's tenure as Chief Financial Officer ended after 1.0 years in the role. We don't have any record of a personal shareholding under Jing's name. A total of 2 executives have left over the last 12 months. Recent Insider Transactions • Jun 09
Independent Director recently sold US$153k worth of stock On the 3rd of June, Jiangping Xiao sold around 8k shares on-market at roughly US$19.08 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • May 19
First quarter 2021 earnings released: US$0.051 loss per share (vs US$0.085 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: US$779.1k (down 34% from 1Q 2020). Net loss: US$572.6k (loss narrowed 40% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 114% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 03
Full year 2020 earnings released: US$0.05 loss per share (vs US$0.36 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: US$4.57m (up 44% from FY 2019). Net loss: US$612.6k (loss narrowed 85% from FY 2019). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 155% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 19
New 90-day high: US$4.10 The company is up 323% from its price of US$0.97 on 20 November 2020. The American market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Interactive Media and Services industry, which is up 19% over the same period. Is New 90 Day High Low • Feb 03
New 90-day high: US$2.46 The company is up 137% from its price of US$1.04 on 04 November 2020. The American market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Interactive Media and Services industry, which is up 13% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: US$2.16 The company is up 148% from its price of US$0.87 on 17 September 2020. The American market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Interactive Media and Services industry, which is up 17% over the same period. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS US$0.007 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: US$685.5k (down 39% from 3Q 2019). Net income: US$82.1k (up US$1.21m from 3Q 2019). Profit margin: 12% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year and the company’s share price has also fallen by 28% per year. Is New 90 Day High Low • Oct 16
New 90-day high: US$1.36 The company is up 32% from its price of US$1.03 on 17 July 2020. The American market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Interactive Media and Services industry, which is up 8.0% over the same period. Is New 90 Day High Low • Sep 23
New 90-day low: US$0.79 The company is down 38% from its price of US$1.28 on 25 June 2020. The American market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Interactive Media and Services industry, which is up 3.0% over the same period.