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News Breaks
June 20, 2014
12:44 EDTCMGEChina Mobile Games announces restructuring, says committee to probe allegations
China Mobile Games and Entertainment announces the implementation of organizational restructuring and personnel changes in its game publishing business. The purpose of the restructuring is to streamline the company's operations to better position it for profitable long-term growth. Since Mr. Shuling Ying was asked to oversee the company's publishing business in October 2013, its publishing business has grown significantly, and now has teams of over 700 employees located in Beijing, Shanghai, Shenzhen and Chengdu. However, the company's rapid growth has also created operational challenges that it must carefully manage, including redundancies within its businesses which have resulted in inefficiencies. To make the company more efficient and competitive and to continue producing high quality and innovative products, and to ensure the company is positioned to be profitable and achieve sustainable growth, the chief executive officer has been tasked with conducting organizational reviews and structural realignments. As part of the organizational restructuring of its publishing business, on June 19, the company removed nine employees from their positions in the publishing business, including Ying. The company notes that these employees are awaiting reassignments within the company. The company does not expect this restructuring, including the personnel changes, to have a material adverse impact on the company's overall operations. The company expects the restructuring will enhance its productivity, helping to strengthen its leading market position. China Mobile Games said, "The company is aware of market speculations about the reasons for the restructuring, including allegations of employee misconduct, which have led to significant fluctuations in its ADS price. The company announces that today its board of directors has authorized an independent committee, consisting solely of independent directors, to look into the market speculations. In order to provide a high level of transparency to its shareholders, the company will update shareholders on the results of its findings."
News For CMGE From The Last 14 Days
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August 18, 2014
09:03 EDTCMGEOn The Fly: Pre-market Movers
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07:43 EDTCMGEChina Mobile Games sees Q3 revenue RMB 330M-RMB 350M
07:42 EDTCMGEChina Mobile Games reports Q2 EPS 27c, one estimate 21c
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06:20 EDTCMGEChina Mobile Games management announces intention to repurchase RMB10M shares
The company has been informed that Shuling Ying and Ken Jian Xiao, the company's CEO and Director, intend to individually purchase RMB10M each of the company's American Depositary Shares.
06:18 EDTCMGEChina Mobile Games appoints Shuling ying to COO effective immediately
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August 14, 2014
07:47 EDTCMGECMGE announces Independent Committee probe completed
China Mobile Games and Entertainment announced that the Independent Committee of the Board of the company has completed its review of market rumors of possible bribery. As previously announced, the Independent Committee was formed on June 20 and is comprised of the four independent directors of the company. The Independent Committee retained Simpson Thacher & Bartlett to assist it in conducting the independent review.The independent review included interviews with relevant personnel and a review of documents, digital information and data extract through procedures recommended by Simpson Thacher. The foregoing investigation did not find any evidence that suggested CMGE or anyone at CMGE had engaged in bribery. The Independent Committee therefore advised CMGE's Board of the completion of its investigation.

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