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China Gaoxian appoints new CFO

MAINBOARD-LISTED yarn supplier China Gaoxian Fibre Fabric Holdings has appointed a chief financial officer (CFO), more than three years after his predecessor resigned.

Daniel Wong Kai Yin, a resident of Hong Kong, was named to the post on Monday, in a filing with the Singapore Exchange.

Mr Wong, 37, was most recently the internal control manager at Titan Petrochemicals Group, a position that he held from November 2016 until end-June 2018. Before that, he was an assistant audit manager for more than a decade at Asiapac CPA & Co.

"The nominating committee, having reviewed and considered Mr Daniel Wong's qualifications and working experience, is of the view that he has the requisite experience and capability to assume the responsibility as the CFO of the company," said the filing.

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The previous CFO of China Gaoxian, Liu Minqin, resigned in March 2015, citing family commitments. After the departures of Ms Liu and assistant CFO James Yan Qingwei, Lin Shawn Xiang filled in as group financial controller from November 2016.

China Gaoxian's unaudited financial statements for the three months to June 30 reported a second-quarter net loss of 60.9 million yuan (S$12.2 million), with the caveat that most of its accounting books and records from before April 2011 are missing.

The company warned that it was unable to ascertain the impact, if any, on its latest results "and there is no assurance that there are no material facts not known to the current management" that may require adjustments to the financial results.

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