Guangzhou, China-based Sino Agro Food has appointed Henry Sun as an independent director, fulfilling the terms of a settlement agreement it signed with disgruntled shareholders in October.
Sino Agro Food operates several land-based aquaculture facilities in China, and sought to build the world’s largest indoor shrimp farm in 2014, though the project has not yet been completed and the company has struggled financially.
On 13 October, a U.S. judge in the Southern District of New York approved the settlement between Sino Agro and Heng Ren Partners, requiring a corporate governance overhaul. Specifically, the settlement gives Heng Ren Investments – a Boston, Massachusetts, U.S.A.-based investment firm specializing in Chinese stocks listed on U.S. stock exchanges – a board seat at Sino Agro Food and its key subsidiary, Tri-way Industries Ltd. Hen Ren will also join the companies' audit committees and have a seat on a new corporate governance committee, which will review related-party transactions at Sino Agro Food.
Sun is the founder and president of Reach China LLC, a cross-border consulting firm established in 2016 to help both Chinese and American companies with capital market introductions and international business development. Sun has served as chief financial officer for two public companies – Highpower International, Inc., a NASDAQ-listed company based in China, and Zoomlion Concrete Machinery Company, a division of Zoomlion that is listed on both the Shanghai and Hong Kong stock exchanges.
According to his LinkedIn profile, Sun resides in San Francisco, California, U.S.A., where he also operates WeDeal, a global investor network for deal syndication and collaboration.
Sino Agro’s board of directors approved Sun’s joining the board with immediate effect, and also added him to the audit committee, per the terms of the court-approved settlement.
“It is a pleasure to welcome Mr. Sun to the board of directors,” Sino Agro Chairman and CEO Solomon Lee said in a press release. “Henry comes to us with years of experience in corporate finance and I’m confident that he is going to be a great addition to our board.”
Photo courtesy of Henry Sun/LinkedIn
