NetEase.com Announces Appointment of New Chief Financial Officer and Director
NetEase.com, Inc (Nasdaq: NTES), a leading Internet technology provider in China, today announced that its Board of Directors has promoted Mr. Denny Lee, the company's current Financial Controller, to the position of Chief Financial Officer effective immediately. The Board of Directors also elected Mr. Lee to become a member of the Board. Prior to his joining the company in November 2001, Mr. Lee worked for the international accounting firm of KPMG as an auditor in its Hong Kong office for more than ten years.
Commenting on this appointment, Ted Sun, the company's acting Chief Executive Officer, stated, "With his proven skills in accounting and financial matters, we believe that Denny will be an outstanding Chief Financial Officer and will continue to be an important member of our management team. We also look forward to Denny's participation on the Board."
Mr. Lee said, "I am excited to take on this responsibility and look forward to my expanded role in the company and the challenges that it will bring."
NetEase.com, Inc is a leading China-based Internet technology company that pioneered the development of applications, services and other technologies for the Internet in China. The NetEase Web sites, operated by a company affiliate, organize and provide access to 18 content channels through distribution arrangements with more than one hundred international and domestic content providers. In addition, the NetEase Web sites contain more than 1.5 million personal home pages. These pages, created and maintained by users, enable users to share information, communicate about interests and areas of expertise, and publish personal content accessible by other Chinese Internet users. The sites also offer online interactive community services through 1,500 community forums and more than 115,000 personal community forums created by registered users. At the end of March 2002, the number of simultaneous chat room participants reached 55,476 during peak hours, and the number of registered users of the NetEase Web sites reached 54 million. The average number of daily page views was over 200 million in March 2002.
NetEase also offers online multi-player games, as well as auction and online mall technology services that provide opportunities for e-commerce and traditional businesses to establish an online e-commerce presence on the NetEase Web sites.
This press release contains statements of a forward-looking nature. These statements are made under the ``safe harbor'' provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that current or future appointees to NetEase.com's management are not effective in their respective positions; the difficulty in locating and recruiting suitable candidates for middle and senior management positions; the operational and management difficulties which may arise from the recent successive changes in NetEase.com's management; the ability of NetEase's management to take effective steps that will raise the value of the company in the view of the investing public and thereby raise the company's stock price above Nasdaq's minimum requirements; the risk that the trading price of NetEase's American Depositary Shares may decrease further for a variety of reasons, some of which may be beyond the control of management; the possibility that NetEase and its Board of Directors have not implemented effective or complete steps to ensure that the circumstances which led to NetEase's restatement of its financial statements for the year ended December 31, 2000 will not recur; NetEase's ability to develop and implement additional operational and financial systems to manage its operations; competition in NetEase's existing and potential markets; uncertainty as to NetEase's future profitability; the risk that security, reliability and confidentiality concerns may impede broad use of the Internet; and other risks outlined in NetEase's filings with the Securities and Exchange Commission, including its registration statement on Form F-1, as amended. NetEase does not undertake any obligation to update this forward-looking information, except as required under applicable law.