Tengtu has announced a re-positioning of its business strategy in China. At the same time the company announced the appointments of a new chief executive officer, chief operating officer, and other key management positions to implement the new strategy and manage the company's operations.
The company announced that it is re-aligning its business strategy to the more up-scale higher education environment and urban markets in China where the growth in Internet use and expenditures for learning, training and career placement represent an enhanced opportunity for the company and its new management team.
The company will leverage the experience it has gained in serving the K-12 education sector but will be discontinuing its focus on publicly funded schools under such programs as the Western Rural Project. It will be focusing not only on the higher levels of the K-12 education and university sectors, but also on wider age groups, especially the 18-35 demographic, which represent the essential segment of Internet users.
The company announced that it has appointed Lin Shui Xing as CEO to head up its operations and manage the implementation of its business strategy. Lin was most recently the president of Joyo, one of China's most successful e-commerce sites.
Lin helped to build the company into China's largest on-line retailer of books, music and videos. Joyo was recently acquired by Amazon.com becoming its seventh global web site. Mr. Lin has 15 years experience in managing and leading high-tech companies successfully in China. He has held management positions in companies such as the Lenovo Group, Digital China Group, Legend Holding Company, Beijing Younaite Telecom and the China Kejian Group. Mr. Lin has been recognized in China as one of the "Top Ten Entrepreneurs in Establishing Chinese Brands." Lin received his EMBA from Peking University.
The company also announced the appointment of Zhang Su as COO. Zhang was also formerly with Joyo and was responsible in the daily administration of Joyo and its strategic development plan. Zhang has 13 years of IT and management experience working in such companies as China Putian, Legend Capital, Alliance PKU Management Consulting Group and was a founder of Beidabiz.com and Beijing Weizhixian Science and Technology Company. Zhang received an MBA from the Guanghua School of Management of Peking University.
The company also confirmed the appointment of Judy Ye as CFO. Judy Ye first joined Tengtu International Corp. in March 2003 and has served the company in the capacity as controller and financial advisor up until the present. Ye is a Certified Public Accountant and has a Certified General Accounting Designation from the Certified General Accounting Association of Ontario (Canada).
Prior to joining the company in 2003, Ye was a corporate accountant for Bluenotes Limited and a financial analyst and corporate accountant for International Finance Corp. Ye is an MBA candidate of Laurentian University, Canada. Ye graduated from China's Guilin Management Institute with degrees in accounting and statistics.