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ChinaNet Online Holdings Announces the Appointment of New COO

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BEIJING, China, Aug. 07, 2020 (GLOBE NEWSWIRE) -- ChinaNet Online Holdings, Inc. (NASDAQ:CNET) ("ChinaNet" or the "Company"), an integrated online advertising, precision marketing, data analytics and other value-added services company serving enterprise clients, today announced the appointment of Mr. Charles Chiu to the position of the Company's Chief Operating Officer and Mr. Mark Li, the current Chief Financial Officer of the Company, to serve as Secretary of the Company, effective immediately. Mr. George Chu has resigned from the role of Chief Operating Officer and Secretary of the Company due to personal reasons. Mr. Chu continues to serve as a director of the Board of Directors of the Company.

Mr. Charles Chiu, has served as the Corporate Finance Partner of Whale Capital in Hong Kong since March 2019.  Since October 2016, Mr. Chiu has acted as Co-founder and General Manager of Minghing Financial Group in Hong Kong.  From April 2012 to September 2016, Mr. Chiu served as Chief Financial Officer and Treasurer in Wealth Leading Limited in Hong Kong.  From August 2009 to April 2012, Mr. Chiu served as Assistant Vice President in Dah Sing Bank in Hong Kong.  Mr. Chiu has a bachelor's degree in business administration from The Chinese University of Hong Kong, and is attending a Dual Executive Master of Business Administration program jointly organized by INSEAD Business School and Tsinghua University.  Mr. Chiu is also a Chartered Financial Analyst, Energy Risk Professional, Certified Management Accountant (Australia), Member of Institute of Public Accountants (Australia) and Member of Institute of Financial Accountant (United Kingdom).

"On behalf of the Board of Directors and management team, I would like to thank George Chu for his service and time spent at ChinaNet as an officer. We are all very appreciative of his contributions to the Company as an officer and continued contributions to the Company as a director. We are also very pleased to welcome Charles to the Company. Charles brings to ChinaNet a wealth of operational and management expertise, as well as over 10 years of experience in commodities trading, corporate finance and blockchain investment in China, Hong Kong and Singapore. He is an entrepreneur who has extensive experience in banking, M&A and corporate finance, focusing on change management and business development in the financial and technology industry. Charles will be an important addition to the ChinaNet team and we are confidently that he will help us to expand the business scope of our blockchain service onto more industries with more customers. I am confident that he will use his talents to help us execute and achieve our strategic goals," said Mr. Handong Cheng, Chairman, President, and Chief Executive Officer of ChinaNet.

About ChinaNet Online Holdings, Inc.

Established in 2003 and headquartered in Beijing, China, ChinaNet Online Holdings, Inc. ("ChinaNet" or the "Company") offers online advertising, precision marketing, data analytics and other value-added services for enterprise clients. Leveraging its fully integrated services platform, proprietary database, and cutting-edge algorithms, ChinaNet delivers customized, result-driven business solutions for small and medium-sized enterprise clients in China. The Company also develops blockchain and artificial intelligence enabled web/mobile applications and software solutions for general public, enterprise clients, and government agencies. More information about the Company can be found at: www.chinanet-online.com.

Safe Harbor Statement

This release contains certain "forward-looking statements" relating to the business of ChinaNet Online Holdings, Inc., which can be identified by the use of forward-looking terminology such as "believes," "expects," "anticipates," "estimates" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including business uncertainties relating to government regulation of our industry, market demand, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on ChinaNet's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting ChinaNet will be those anticipated by ChinaNet. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. ChinaNet undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Investor Relations Contact

Tony Tian, CFA
Tel: +1-732-910-9692
Email: ttian@weitianco.com

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