Tuesday, Santech Holdings Ltd. (STEC) announced the appointment of Lawrence Wai Lok as director and acting CEO, effective immediately.
This decision comes as the company's Chairman Han Hongwei, and CEO Wang Dian are currently detained and under investigation by Shanghai authorities for alleged illegal activities related to Hywin Wealth Management, a different company owned by Han.
Santech Holdings stated that it is not linked to the investigation and has not received any official communication from the authorities.
With over 15 years of investment banking experience, Lok will assess the company's operations and guide its strategic transformation. The Board has also engaged independent legal counsel from the US to advise on securities laws.
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