Tontine Wines Group Names Two Executive Directors, Falls Short Of Board Independence Rule

Tontine Wines Group (00389) said Xu Gaosheng and Zeng Ronghao have been appointed executive directors, effective yesterday. The company said it has 11 directors in total, but only three are independent non-executive directors, leaving it unable to meet Listing Rule 3.10A, which requires independent non-executive directors to make up at least one-third of the board, according to ETNet. Xu was a senior investor relations analyst in Tencent Group's investor relations department from July 2019 to August this year, while Zeng was a product manager for packaging solutions at Flint Group.