Warburg Pincus withdrew from ZTE Business

ZTE Business (000715) 23rd announced the resignation of two directors and two supervisors.　　The departure of the four directors and supervisors from ZTE Business marks the full withdrawal of the company from ZTE.　　According to the company announcement, vice chairman Lianhai, director 迟淼 all for personal reasons to submit a written resignation report, the same day, the resignation of Cao Wei and Riosu two supervisors, also for personal reasons. It is not difficult to find out the reasons for their mutual retreat from the biographical records of these four people. In addition to Lianhai, the vice chairman of Citic Trust, the other three people have a career in Warburg Pincus.　　迟淼, director of the United States in 2005, Warburg Warburg Investment Group, a partner of the company, Cao Wei since 2004, the United States, Warburg Pincus Investment Group, is currently the director of Warburg Pincus Investment Group, Supervisor Riosu 2006 in the United States, Warburg Pincus Investment Group, is currently the research commissioner of Warburg. Prosperity Shopwell Capital Limited, the second-largest shareholder of ZTE Business, has since September 2010 been a major sell-off of ZTE's business stake, falling from 26.3% to December 2010, when the last Sell-off was completed, No longer holds ZTE Business stakes.　　The shareholder is the international well-known private equity fund, the United States, the holding subsidiary of Warburg Pincus Investment Group. As early as September last year, when the company began to withdraw from ZTE business, insiders pointed out that this is the specialized investment in retail, chain industry investment groups in the overall withdrawal of the department stores. And now, the withdrawal of the men of the Warburg Pincus, is the last step to the withdrawal of the ZTE Business. (Li Josin)