Forlorn Chinese wireless value-added services firm Hurray (HRAY) says the company's co-founder and director Jesse Liu has resigned from the board.
Thomas Ng, the co-founder of GGV Capital, will replace Liu.
QD Wang, Hurray's chairman and CEO, stated, "On behalf of the board and the company, I would like to express our appreciation to Jesse for his significant contribution and efforts to the company's growth and success in the past seven years. We wish him the best success in his future endeavours."
Hurray has been going through a difficult period. Last month the company announced its unaudited financial results for the second quarter ended June 30, 2008 and said that total revenues were only USD12.8 million, a decline of 3.7% quarter-over-quarter and 12.4% year-over-year. Specifically, wireless value-added services revenues plunged 16.5% quarter-over-quarter and 27.9% year-over-year to USD9.2 million.