Beijing, September 19, 2001
NetEase.com, Inc. (Nasdaq: NTES), a leading Internet technology provider in China, today announced that Mr. Geoffrey Wei has resigned from his position as acting Chief Financial Officer of the company effective immediately to pursue on other opportunities. Mr. Ted Sun, the company’s acting Chief Executive Officer, will oversee NetEase.com’s finance department while the company recruits a permanent Chief Financial Officer. The company has formally engaged two well-established professional recruiting firms to assist it in locating a suitable person for this position.
Separately, NetEase.com confirmed today that, in connection with its appeal of Nasdaq’s decision to delist the company’s American Depositary Shares from the Nasdaq National Market, it has replied to the written request for additional information from the Nasdaq Listing Qualifications Hearings Department. The Nasdaq appeal panel may render its final decision based on the information already submitted by the company, or the panel could possibly make additional inquiries which could delay its decision. The company expects that trading in its shares will remain suspended until the Nasdaq appeal panel reaches its final decision.
There can be no assurance as to whether the Nasdaq appeal panel will be satisfied with the information provided and allow the company’s shares to remain listed. An unfavorable decision would result in immediate delisting of the company’s American Depositary Shares from the Nasdaq National Market irrespective of the company’s ability to further appeal the decision.
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 outcome of the Nasdaq Listing Qualifications Panel decision; the ability of NetEase
.com to successfully appeal the panel’s decision, if necessary; the availability of alternative trading markets for NetEase
.com’s American Depositary Shares or ordinary shares, including the over-the-counter bulletin board, if NetEase
.com’s shares are delisted from the Nasdaq National Market; uncertainty as to NetEase
.com’s future profitability; NetEase
.com’s ability to develop and implement operational and financial systems to manage rapidly expanding operations; competition in NetEase
.com’s existing and potential markets; the risk that security, reliability and confidentiality concerns may impede broad use of the Internet; and other risks outlined in NetEase
.com's filings with the Securities and Exchange Commission, including its registration statement on Form F-1, as amended. NetEase
.com does not undertake any obligation to update this forward-looking information, except as required under applicable law.