Printing company Xpress Holdings on Thursday said its founder, KK Fong, will step down from the board. Mr Fong will be appointed the chief operating officer of the company.

The company's new investor, Ma Weidong, the single largest shareholder of Xpress after the completion of a share placement and warrants issue, will be appointed as the executive chairman and chief executive officer.

Xpress shareholders approved the share placement and warrants issue at a shareholders' meeting on Thursday.