ARM China completes change of legal entity

The controversy over the control of Amos China, which has lasted for nearly two years, has finally come to an end!

Ltd. issued an official press release in the morning of April 29th, announcing that its board of directors passed a unanimous resolution to appoint Mr. Liu Renchen and Mr. Chen Xun as co-CEOs of Amplify China in accordance with the company's articles of incorporation and relevant laws and regulations, and completed the business registration in accordance with the law.

This also means that Wu Xiongnong, the former Chairman and CEO of Amplify China, has lost control of Amplify China. The power struggle between the board of directors and Wu Xiongnong, which has lasted for two years, finally ended with Wu Xiongnong's exit.

Mr. Liu Renchen and Mr. Chen Xun will jointly lead the Amcor China team to ensure that the company will continue to operate as usual and provide high quality products and services to customers. We will continue to work closely with Arm and work together with our domestic and international partners to support the innovation of China's technology industry.

According to the source, the two co-CEOs are Dr. Renchen Liu, Vice President of Tsinghua University Research Institute in Shenzhen, and Hsun Chen, Managing Partner of Softbank Vision Fund.

It is worth noting that on April 27, the Financial Times, Bloomberg and many other foreign media reported that SoftBank and Arm were planning to remove Wu Xiongnong, who was still in control of An Mou China at the time.

In response, Wu also responded through the media: "Recently, SoftBank and Arm have been pouring dirty water on An Mou Technology and me personally through foreign media, but the real situation is that SoftBank is trying to cover up its own problems through this move, as well as retaliate against me for refusing to cooperate with them to do illegal acts. I want to tell all parties that capital is not above Chinese law."

However, according to the industrial and commercial information, on April 28, 2022, An Mou China has completed the change of industrial and commercial information, and the legal representative of An Mou China has been changed from Wu Xiongyang to Liu Renchen.

The public relations company of An Mou China also sent a special email to remind this matter.

In other words, the board of directors of An Mou China has solved the problem of not being able to change the legal entity due to Wu Xiongnong controlling the business license and company seal of An Mou China.

Since the board of directors of On Mou China has successfully changed the legal entity of On Mou China, it means that it can re-apply for a new business license and official seal, and the business license and official seal currently held by Wu Xiongnong are no longer valid and have lost their legal effect.

Therefore, Wu Xiongnong has lost the legitimacy to continue to control An Mou China.