Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €1.92, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Consumer Durables industry in Europe. Total loss to shareholders of 37% over the past three years. Board Change • May 21
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Hao Fan was the last independent director to join the board, commencing their role in 2026. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Aankondiging • Mar 26
Chervon Holdings Limited announces Annual dividend, payable on June 08, 2026 Chervon Holdings Limited announced Annual dividend of HKD 0.4469 per share payable on June 08, 2026, ex-date on May 20, 2026 and record date on May 21, 2026. Aankondiging • Mar 25
Chervon Holdings Limited, Annual General Meeting, May 18, 2026 Chervon Holdings Limited, Annual General Meeting, May 18, 2026. Aankondiging • Mar 13
Chervon Holdings Limited to Report Q4, 2025 Results on Mar 25, 2026 Chervon Holdings Limited announced that they will report Q4, 2025 results on Mar 25, 2026 Aankondiging • Nov 28
Chervon Holdings Limited Announces Resignation of Tian Ming as Independent Non-Executive Director, Effective from November 28, 2025 The board of directors of Chervon Holdings Limited announced that Mr. Tian Ming (Mr. Tian) has tendered his resignation as an independent non-executive Director with effect from November 28, 2025 as he would like to devote more time to his other personal endeavours. Following his resignation, Mr. Tian also ceased to be the chairman of the remuneration committee and a member of the audit committee and the nomination committee of
the Company. Mr. Tian has confirmed that he has no disagreement with the Board, and he is not aware of any matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited (the Stock Exchange). Aankondiging • Aug 18
Chervon Holdings Limited to Report First Half, 2025 Results on Aug 28, 2025 Chervon Holdings Limited announced that they will report first half, 2025 results on Aug 28, 2025 Aankondiging • Apr 30
Chervon Holdings Limited Proposes Special Dividend, Payable on or Before June 23, 2025 Chervon Holdings Limited proposed a special dividend of HKD 1.1905 per Share be declared and paid to the Shareholders, to its EGM to be held on May 22, 2025. Record date: May 29, 2025; Payment date: June 23, 2025. Aankondiging • Mar 14
Chervon Holdings Limited to Report Fiscal Year 2024 Final Results on Mar 26, 2025 Chervon Holdings Limited announced that they will report fiscal year 2024 final results on Mar 26, 2025 Aankondiging • Oct 28
Chervon Holdings Limited Announces Change of Joint Company Secretary The board of directors of Chervon Holdings Limited announced that with effect from October 28, 2024, (i) Ms. Mok Ming Wai ("Ms. Mok") has resigned as the joint company secretary of the Company (the "Joint Company Secretary"); and (ii) Ms. Lam Wing Chi ("Ms. Lam") has been appointed as the Joint Company Secretary. Following the aforesaid changes, Mr. Hu Yian ("Mr. Hu") will continue to serve as the other Joint Company Secretary. Mr. Hu currently serves as the Company's chief financial officer, and he is primarily responsible for overseeing overall financial operations, financing and investment activities of the Group. Mr. Hu joined the Group in April 2003 and has since served as the director and financial vice president of Nanjing Chervon Industry Co. Ltd. Mr. Hu currently also serves as a director in a number of subsidiaries of the Group. Mr. Hu has been a director of Nanjing Chervon Auto Precision Technology Co. Ltd., a company listed on the Shanghai Stock Exchange, from March 2012 to November 2022. Prior to joining the Group, he was a financial manager of Nanjing Ericsson Panda Communication Co. Ltd. from November 1995 to March 2003. Mr. Hu received his bachelor's degree in industrial accounting from Northeast Institute of Technology in the People's Republic of China in June 1992 and his master's degree in international management from The Australian National University in Australia in June 2001. Ms. Lam is currently a Senior Manager of Company Secretarial Services of Tricor Services Limited. She has over 10 years of experience in the corporate secretarial field and has been providing professional corporate services to Hong Kong listed companies as well as multinational, private and offshore companies. Ms. Lam is a Chartered Secretary, a Chartered Governance Professional and an associate of both The Hong Kong Chartered Governance Institute and The Chartered Governance Institute. Aankondiging • Oct 17
Chervon Holdings Limited Provides Consolidated Earning Guidance for the Nine Months Ended September 30, 2024 Chervon Holdings Limited provided consolidated earning guidance for the nine months ended September 30, 2024. For the period company expects to record a net profit for the Reporting Period of approximately USD 100 million as compared to a net profit of approximately of USD 23 million for the nine months ended September 30, 2023, representing a significant improvement of over 300%. Such expected positive increase in the net profit during the Reporting Period is primarily driven by the factors as described below: (i) strong points-of-sales performance of flagship brand EGO; (ii) revenue growth rate further accelerated in the third quarter of 2024, benefiting from the end of the destocking cycle; (iii) an improvement in gross profit margin driven by scale restoration and operational efficiency enhancement; and (iv) continuous optimization of operating expenses in a balanced and efficient manner. Based on the strength of growth for the nine months ended September 2024, the company are confident in achieving overall revenue growth target of over 20% for the full year 2024 with improved profitability this year. Aankondiging • Oct 16
Joe Turoff to Leave as Chief Marketing Officer of Chervon Holdings Ltd Chervon Holdings Ltd. announced that Joe Turoff, Chief Marketing Officer, will be leaving Chervon for a new opportunity. Turoff has been with Chervon for over 20 years, contributing significantly to Chervon's development and the building of the EGO and FLEX brands in North America. Reported Earnings • Sep 28
First half 2024 earnings released: EPS: US$0.12 (vs US$0.097 in 1H 2023) First half 2024 results: EPS: US$0.12 (up from US$0.097 in 1H 2023). Revenue: US$815.7m (up 11% from 1H 2023). Net income: US$61.5m (up 25% from 1H 2023). Profit margin: 7.5% (up from 6.7% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Durables industry in Germany. Reported Earnings • Aug 29
First half 2024 earnings released: EPS: US$0.12 (vs US$0.097 in 1H 2023) First half 2024 results: EPS: US$0.12 (up from US$0.097 in 1H 2023). Revenue: US$815.7m (up 11% from 1H 2023). Net income: US$61.5m (up 25% from 1H 2023). Profit margin: 7.5% (up from 6.7% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Durables industry in Germany. Aankondiging • Aug 15
Chervon Holdings Limited to Report First Half, 2024 Results on Aug 27, 2024 Chervon Holdings Limited announced that they will report first half, 2024 results on Aug 27, 2024 Aankondiging • Jun 05
Chervon Holdings Limited Declares Special Dividend for the Year Ended 31 December 2023 Chervon Holdings Limited at its annual general meeting held on June 4, 2024, declared a special dividend of HKD 0.2764 per share for the year ended 31 December 2023. Upcoming Dividend • May 30
Upcoming dividend of HK$0.28 per share Eligible shareholders must have bought the stock before 06 June 2024. Payment date: 16 July 2024. The company last paid an ordinary dividend in March 2022. The average dividend yield among industry peers is 4.0%. Reported Earnings • Apr 28
Full year 2023 earnings released: US$0.073 loss per share (vs US$0.28 profit in FY 2022) Full year 2023 results: US$0.073 loss per share (down from US$0.28 profit in FY 2022). Revenue: US$1.37b (down 31% from FY 2022). Net loss: US$37.1m (down 127% from profit in FY 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Durables industry in Germany. Aankondiging • Mar 28
Chervon Holdings Limited, Annual General Meeting, Jun 04, 2024 Chervon Holdings Limited, Annual General Meeting, Jun 04, 2024. Aankondiging • Mar 27
Chervon Holdings Limited Proposes Special Dividend for the Financial Year End 31 December 2023, Payable on July 16, 2024 Chervon Holdings Limited proposed special dividend of HKD 0.2764 per share for the financial year end 31 December 2023. Ex-dividend date 06 June 2024, Record date 13 June 2024 and Payment date 16 July 2024. Aankondiging • Mar 14
Chervon Holdings Limited to Report Fiscal Year 2023 Final Results on Mar 27, 2024 Chervon Holdings Limited announced that they will report fiscal year 2023 final results on Mar 27, 2024 Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €1.86, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Consumer Durables industry in Germany. Total loss to shareholders of 61% over the past year. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €1.76, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Consumer Durables industry in Germany. Total loss to shareholders of 63% over the past year. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to €1.53, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Consumer Durables industry in Germany. Total loss to shareholders of 69% over the past year. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €2.12, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Consumer Durables industry in Europe. Total loss to shareholders of 50% over the past year. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €2.40, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 11x in the Consumer Durables industry in Europe. Total loss to shareholders of 48% over the past year. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €2.02, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Consumer Durables industry in Europe. Total loss to shareholders of 61% over the past year. Aankondiging • Nov 19
Chervon Holdings Limited Provides Unaudited Consolidated Guidance for the the First Ten Months Ended October 31, 2023 Chervon Holdings Limited provided unaudited consolidated guidance for the the First Ten Months Ended October 31, 2023. For the period, the company expects to record a decrease in its net profit by approximately 80% to USD 21 million, as compared to a net profit of approximately USD 108 million recorded in the corresponding period in 2022. Such expected decrease in the profit during the Period is primarily due to (i) a decline in revenue caused by moreconservative inventory policies adopted by the Group's key customers facing macroeconomic uncertainties; (ii) the Group's continued investments in research and product development, sales and marketing as well as management transformations, and (iii) the relatively low utilization of the Group's manufacturing capacity. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €2.15, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Consumer Durables industry in Europe. Total loss to shareholders of 35% over the past year. New Risk • Oct 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 8.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.5% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (4.3% increase in shares outstanding). Reported Earnings • Aug 29
First half 2023 earnings released: EPS: US$0.097 (vs US$0.13 in 1H 2022) First half 2023 results: EPS: US$0.097 (down from US$0.13 in 1H 2022). Revenue: US$738.5m (down 26% from 1H 2022). Net income: US$49.1m (down 23% from 1H 2022). Profit margin: 6.7% (up from 6.3% in 1H 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Consumer Durables industry in Germany. Aankondiging • Aug 18
Chervon Holdings Limited to Report First Half, 2023 Results on Aug 28, 2023 Chervon Holdings Limited announced that they will report first half, 2023 results on Aug 28, 2023 New Risk • Aug 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 9.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.4% average weekly change). High level of non-cash earnings (29% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (4.3% increase in shares outstanding). Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €3.87, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Consumer Durables industry in Europe. Total loss to shareholders of 17% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €2.38 per share. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €3.98, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Consumer Durables industry in Germany. Total loss to shareholders of 25% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €2.39 per share. Buying Opportunity • Jun 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be €4.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 30%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings is also forecast to grow by 22% per annum over the same time period. Aankondiging • Jun 03
Chervon Holdings Limited Approves Final Dividend for the Year Ended December 31, 2022 Chervon Holdings Limited held its annual general meeting on June 2, 2023 approved a final dividend of HKD 0.56 per share for the year ended 31 December 2022. Upcoming Dividend • May 30
Upcoming dividend of HK$0.56 per share at 1.6% yield Eligible shareholders must have bought the stock before 06 June 2023. Payment date: 14 July 2023. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (2.9%). Board Change • May 08
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Martin Tian was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 03
Full year 2022 earnings released: EPS: US$0.28 (vs US$0.36 in FY 2021) Full year 2022 results: EPS: US$0.28 (down from US$0.36 in FY 2021). Revenue: US$1.99b (up 13% from FY 2021). Net income: US$139.4m (down 3.6% from FY 2021). Profit margin: 7.0% (down from 8.2% in FY 2021). 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 6.4% growth forecast for the Consumer Durables industry in Germany. Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: US$0.28 (vs US$0.36 in FY 2021) Full year 2022 results: EPS: US$0.28 (down from US$0.36 in FY 2021). Revenue: US$1.99b (up 13% from FY 2021). Net income: US$139.4m (down 3.6% from FY 2021). Profit margin: 7.0% (down from 8.2% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Consumer Durables industry in Germany. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €4.02, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Consumer Durables industry in Germany. Total loss to shareholders of 36% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €2.17 per share. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €5.15, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 12x in the Consumer Durables industry in Germany. Total loss to shareholders of 21% over the past year. Aankondiging • Jan 20
Chervon Holdings Limited has completed a Follow-on Equity Offering in the amount of HKD 781.3125 million. Chervon Holdings Limited has completed a Follow-on Equity Offering in the amount of HKD 781.3125 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 20,835,000
Price\Range: HKD 37.5
Transaction Features: Subsequent Direct Listing Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 15% share price gain to €5.20, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 9x in the Consumer Durables industry in Germany. Simply Wall St's valuation model estimates the intrinsic value at €5.42 per share. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Martin Tian was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment improved over the past week After last week's 19% share price gain to €4.02, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 8x in the Consumer Durables industry in Germany. Simply Wall St's valuation model estimates the intrinsic value at €4.90 per share. Reported Earnings • Aug 26
First half 2022 earnings released: EPS: US$0.13 (vs US$0.21 in 1H 2021) First half 2022 results: EPS: US$0.13 (down from US$0.21 in 1H 2021). Revenue: US$1.00b (up 15% from 1H 2021). Net income: US$63.5m (down 26% from 1H 2021). Profit margin: 6.3% (down from 9.9% in 1H 2021). Over the next year, revenue is forecast to grow 19%, compared to a 2.2% growth forecast for the Consumer Durables industry in Germany. Aankondiging • Aug 26
Chervon Holdings Limited Announces Executive Changes Chervon Holdings Limited announced that Ms. Chow Yuk Yin Ivy has tendered her resignation as the joint company secretary of the Company with effect from 25 August 2022. Ms. Chow confirmed that there is no disagreement with the Board and there are no other matters relating to her resignation that need to be brought to the attention of the Stock Exchange or the shareholders of the Company. The Board further announces that Ms. Mok Ming Wai has been appointed to replace Ms. Chow as the joint company secretary of the Company with effect from 25 August 2022. Ms. Mok is currently an Executive Director of Corporate Services of Tricor Services Limited. She is a Chartered Secretary, a Chartered Governance Professional and a fellow of both The Hong Kong Chartered Governance Institute (formerly The Hong Kong Institute of Chartered Secretaries) and The Chartered Governance Institute (formerly The Institute of Chartered Secretaries and Administrators). Ms. Mok holds a degree of Master of Science in Applied Accounting and Finance. She has over 25 years of experience in the corporate secretarial fieldand has been providing professional corporate services to Hong Kong listed companies as well as multinational, private and offshore companies. Aankondiging • Aug 13
Chervon Holdings Limited to Report First Half, 2022 Results on Aug 25, 2022 Chervon Holdings Limited announced that they will report first half, 2022 results on Aug 25, 2022 Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improved over the past week After last week's 15% share price gain to €5.25, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 9x in the Consumer Durables industry in Germany. Aankondiging • Jun 03
Chervon Holdings Limited Approves Final Dividend for the Year Ended 31 December 2021 Chervon Holdings Limited at its annual general meeting held on June 2, 2022, approved to declare a final dividend of HKD 0.5577 per share for the year ended 31 December 2021. Reported Earnings • May 02
Full year 2021 earnings released: EPS: US$0.36 (vs US$0.11 in FY 2020) Full year 2021 results: EPS: US$0.36 (up from US$0.11 in FY 2020). Revenue: US$1.76b (up 46% from FY 2020). Net income: US$144.5m (up 226% from FY 2020). Profit margin: 8.2% (up from 3.7% in FY 2020). Over the next year, revenue is forecast to grow 19%, compared to a 7.4% growth forecast for the industry in Germany. Aankondiging • May 02
Chervon Holdings Limited, Annual General Meeting, Jun 02, 2022 Chervon Holdings Limited, Annual General Meeting, Jun 02, 2022, at 10:00 China Standard Time. Location: 99 West Tian-yuan Road Nanjing China Agenda: To consider the audited consolidated financial statements and the reports of the directors and auditors for the year ended 31 December 2021;to declare a final dividend;to consider reelection; to authorise the board of directors to fix the remuneration of directors of the Company for the year ending 31December 2022; and to consider other matters. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Martin Tian was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 01
Full year 2021 earnings released: EPS: US$0.36 (vs US$0.11 in FY 2020) Full year 2021 results: EPS: US$0.36 (up from US$0.11 in FY 2020). Revenue: US$1.76b (up 46% from FY 2020). Net income: US$144.5m (up 226% from FY 2020). Profit margin: 8.2% (up from 3.7% in FY 2020). Over the next year, revenue is forecast to grow 20%, compared to a 7.6% growth forecast for the industry in Germany. Aankondiging • Apr 01
Chervon Holdings Limited Proposes Ordinary Final Dividend for the Year Ended December 31, 2021, Payable July 15, 2022 Chervon Holdings Limited proposed ordinary final dividend for the year ended December 31, 2021 of HKD 0.5577 per share. Ex-dividend date 24 June 2022. Record date 28 July 2022. Payment date July 15, 2022. Date of shareholders' approval is 2 June 2022. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €6.30, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 11x in the Consumer Durables industry in Germany. Buying Opportunity • Feb 26
Now 25% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be US$9.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 52% over the last year. Earnings per share has grown by 185% over the last year. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improved over the past week After last week's 17% share price gain to €7.80, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 12x in the Consumer Durables industry in Germany. Simply Wall St's valuation model estimates the intrinsic value at €10.28 per share. Board Change • Jan 06
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Martin Tian was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 