On Sept. 20, Man Sang International Limited appointed Zhang Huaqiao as executive director and CEO, effective immediately.

“The board is very delighted to welcome Mr. Zhang,” Cheng Chung Hing, chairman of Man Sang Group, said in a statement. “We believe that his expertise in the finance industry and risk management, as well as extensive connections will contribute substantial benefits to the group.”

Zhang has previously served as the managing director and co-head of the China research team at UBS Securities Asia Limited. He was also executive director and COO of Shenzhen Investment Limited from 2006 to 2008. Zhang will serve a three-year term.

The company also announced that its wholly owned subsidiary Man Sang Finance Limited and Slow Bull Capital Limited have signed an investment and development agreement, pursuant to which the group is to expand the micro credit business in Mainland China. The group’s product aims to serve as a vehicle for collaboration between the rural areas and the private small-scale capital markets to improve local financial services, standardise financing channels, promote economic growth, as well as bring opportunities to private enterprises.

“The credit market in China is huge, but the micro credit business is still in its infancy, so there is still enormous potential for further development,” Zhang said in a statement. “I intend to leverage my strength and expertise to the utmost to take Man Sang to new heights.

“We have full confidence in the development of the micro credit business,” stated Cheng. “The board believes that the huge demand in the micro credit market will generate stable income and sustain a diversified operation for the group.”

JCK