Fenbi Founder Steps Down From Every Post After Renmin University Meltdown
TL;DR
Fenbi founder Zhang Xiaolong quit as CEO and chairman a month after his Renmin University lecture meltdown; VP Sheng Haiyan takes over.
Fenbi (02469.HK), the Hong Kong-listed civil-service exam prep leader, said on July 8 that founder Zhang Xiaolong has resigned as executive director, CEO, board chairman, compensation committee member and nomination committee chair, and "will no longer hold any position with the group," effective immediately. The filing cited "other personal matters." Sheng Haiyan, a Fenbi vice president who joined in February 2015 and ran the book publishing and sales business, takes all three seats — executive director, CEO and chairman.
The trigger was a June 3 lecture at Renmin University. Zhang was booked to speak on the state of the civil-service exam industry and job prospects for graduates. At the podium he switched topics to "career planning in the AI era," then bragged that he had put 80 million yuan of cash into the stock market the previous month and made 53 million yuan, telling students to trade stocks instead of chasing government jobs. When the room stayed cold, Zhang told the audience that studying for the civil-service exam was "waiting to die on the public payroll" and that graduates who couldn't find work deserved it. He refused questions and walked out.
The clip hit Weibo's hot list the next day. Fenbi's stock fell nearly 9% in a single session, wiping out about HK$132 million in market value. One public lecture, one resignation filing.
Sheng inherits a company still selling an AI story. Fenbi has spent the past two years pushing "Fenbi AI Teacher" as a second growth curve, and the strategy, technology and course-development work for that product line was written into Zhang's job description. The announcement transfers the whole bundle to Sheng. The board added that Zhang "may continue to provide strategic advice," and that existing concert-party arrangements among shareholders are unchanged.
via Eastmoney / Sina Tech / NetEase Finance
The trigger was a June 3 lecture at Renmin University. Zhang was booked to speak on the state of the civil-service exam industry and job prospects for graduates. At the podium he switched topics to "career planning in the AI era," then bragged that he had put 80 million yuan of cash into the stock market the previous month and made 53 million yuan, telling students to trade stocks instead of chasing government jobs. When the room stayed cold, Zhang told the audience that studying for the civil-service exam was "waiting to die on the public payroll" and that graduates who couldn't find work deserved it. He refused questions and walked out.
The clip hit Weibo's hot list the next day. Fenbi's stock fell nearly 9% in a single session, wiping out about HK$132 million in market value. One public lecture, one resignation filing.
Sheng inherits a company still selling an AI story. Fenbi has spent the past two years pushing "Fenbi AI Teacher" as a second growth curve, and the strategy, technology and course-development work for that product line was written into Zhang's job description. The announcement transfers the whole bundle to Sheng. The board added that Zhang "may continue to provide strategic advice," and that existing concert-party arrangements among shareholders are unchanged.
via Eastmoney / Sina Tech / NetEase Finance
