PAX Global CFO resigns after analyst briefing row

Pax Global Technology

16/08/2016 15:46

HONG KONG, Aug 16 (Reuters) - The chief financial officer of 
China's PAX Global Technology  0327.HK  has resigned, days after 
a video circulated on social media of him asking a Macquarie 
analyst to leave an earnings briefing during a heated exchange. 
    In a statement to the Hong Kong stock exchange late on 
Tuesday, PAX Global said CFO Chris Lee had stepped down due to 
personal reasons with immediate effect.  
    Earlier on Tuesday, public relations firm Financial PR 
issued a letter that it told Reuters came from Chris Lee that 
said: "I hereby express my sincere apologies again for my 
unprofessional behavior on 10th August. No matter what the 
reasons behind it were, it was unacceptable." 
    PAX Global could not be reached for comment to verify the 
letter was from Lee. 
    Lee was not immediately reachable for comment. 
    Financial PR acted for Lee after the video first circulated 
last week and issued a statement on his behalf then. 
    In the video, Lee told Macquarie's Timothy Lam that he had 
no right to be at the analyst briefing, without elaborating. At 
the time, Lam was the only analyst covering the stock with a 
'sell' recommendation, according to Thomson Reuters Eikon data. 
 urn:newsml:reuters.com:*:nL3N1AS21D 
    Shareholder activists, former analysts and hedge fund 
managers say there is concern that critics of companies are 
being muffled in the Asian financial hub amid a broader clamp 
down on freedom of speech.  urn:newsml:reuters.com:*:nL3N1AS1RO 
    Shares of PAX Global have dropped about 8 percent since news 
emerged of Lam being asked to leave the briefing. 
    "I would like to express my regrets as to my own behavior 
during the briefing yesterday and welcome all the diverse points 
of view and perspectives toward the company and myself," Lee 
said in a statement issued by Financial PR after the video of 
the meeting first circulated. 
 
 (Reporting by Anne Marie Roantree and Michelle Chen; editing by 
David Clarke) 
 ((annemarie.roantree@thomsonreuters.com; +852 97387151; Reuters 
Messaging: annemarie.roantree.thomsonreuters.com@reuters.net)) 
 
Keywords: PAXGLOBAL CFO/