As announced on 20 June, 2014 by China Mobile Games and Entertainment Group Limited, the largest publisher and a leading developer of mobile games in China, there was an implementation of organizational restructuring and personnel changes in its game publishing business, one of the three business segments of the Company. The purpose of the restructuring is to streamline the Company’s operations to better position it for profitable long-term growth.
The company statutes today that CEO Mr. Xiao Jian believes that Mr. Ying Shuling and the other 8 executives job reassignments would be better utilized in other capacities. To the best of the Company’s knowledge, the Company is currently unaware of any evidence of bribery. Nevertheless, in order to provide the highest level of transparency to its shareholders, the independent committee has been formed to look into and address the market speculations circulating in the market. An external law firm will be appointed to assist the independent committee. The Company will announce further update on the results of its independent committee’s investigation.
Strong bounce-back potential short-term.