Wenfeng Co., Ltd. appoints "post-90s" Tang Xun as Chief Financial Officer, former Deputy General Manager of China International Capital Corporation's Investment Banking Department.

Rui Caijing Zhao Panpan On March 26, Wenfeng Dashi World Chain Development Co., Ltd. (hereinafter referred to as “Wenfeng Co., Ltd.”) announced that the company held the 22nd meeting of the 7th Board of Directors on March 25, 2026, where the “Proposal for the Appointment of Chief Financial Officer” was approved.

Upon nomination by the General Manager of Wenfeng Co., Ltd., review by the Board Nomination Committee, and approval by the Board Audit Committee, the Board of Directors agreed to appoint Tang Xun as the Chief Financial Officer of the company, with a term starting from the date of the Board’s approval until the expiration of the 7th Board of Directors’ term. The company’s Deputy General Manager and Board Secretary, Huang Jiaying, will no longer perform the duties of Chief Financial Officer.

According to data, Tang Xun, male, born in August 1992, Han ethnicity, Chinese nationality, holds a Bachelor’s degree in Economics and a Master’s degree in Finance from Peking University, and is a Chartered Financial Analyst (CFA). He previously served as Deputy General Manager and Sponsor Representative in the Investment Banking Department of China International Capital Corporation Limited, and as Assistant General Manager of Taiping Health Pension (Beijing) Co., Ltd. He joined Wenfeng Co., Ltd. in October 2025.

Wenfeng Co., Ltd. was established in 1995, and since the opening of its first store on January 19, 1996, it has formed a modern commercial chain enterprise integrating various formats such as department stores, shopping malls, supermarkets, and electrical appliances, with a total number of employees reaching 12,000. The company is headquartered in Nantong, Jiangsu, with its main stores concentrated in the Nantong area, and it has expanded to multiple regions including Shanghai, Suzhou, and Taizhou. In 2011, Wenfeng Co., Ltd. was listed on the Shanghai Stock Exchange A-shares.

According to the performance forecast released by the company, after preliminary calculations by the finance department, Wenfeng Co., Ltd. expects to achieve a net loss attributable to the parent company’s owners of approximately -1.5 billion to -1 billion yuan for the fiscal year 2025, representing a loss compared to the same period last year.

The main reason for the performance decrease is that during the reporting period, due to insufficient consumer demand in the retail market, intensified industry competition, and diversion from online retail, the company’s operating performance faced pressure, and overall sales decreased year-on-year, resulting in a year-on-year decline in operating profit.

In accordance with the relevant provisions of the “Enterprise Accounting Standards,” and considering actual operating conditions and market changes, the company has recognized impairment provisions for assets such as construction in progress and investment properties, with a preliminary estimate totaling approximately 74.9 million yuan (the final impairment amount will be based on the results of evaluation and auditing).

In addition, during the reporting period, regarding the investor lawsuit against Xu Xiang, Xu Changjiang, and Wenfeng Co., Ltd. for manipulating the securities trading market, the company plans to recognize an estimated liability of 39.655 million yuan based on third-party calculations of compensation results and the opinions of the lawyers hired by the company.

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