mF International Limited (NASDAQ:MFI) slipped 5.5% in premarket trading on Tuesday after announcing a major leadership shake-up, including the resignation of CEO Haoyu Wang.
The company said that Dawei Yuan — an entrepreneur known for his work in blockchain infrastructure — has been named the new Chief Executive Officer and Chairman of the Board, effective immediately. Wang has also stepped down as a director and as chief compliance officer, with CFO Yang Liu assuming the compliance responsibilities.
According to mF International, Wang left his roles for personal reasons and not due to any disputes involving “operations, policies, or practices.” The transition follows shortly after the company revealed plans to implement a digital asset treasury strategy beginning November 21.
Yuan brings a deep background in blockchain and digital finance. He previously founded RedotPay, reportedly achieving unicorn valuation within two years, and co-founded Huobi, which became China’s largest crypto exchange when he served as Operations Director between 2013 and 2015.
His appointment is in line with mF International’s new digital asset treasury initiative, which will involve allocations to BCH and other digital assets as both an inflation hedge and a potential value-creation mechanism for shareholders.
In his farewell comments, Wang voiced strong support for Yuan’s leadership, stating his “exceptional background in blockchain technology and digital asset management” makes him “the ideal leader to execute mF’s digital asset treasury strategy.”