On November 29, Caijing News reported (by journalist Gao Yanyun) that after a span of 9 months, CR Holdings welcomed a new CEO.

On November 29, CR Holdings announced the appointment of co-CEO Wang Lihang as the new chief executive officer, as the former CEO Xie Yijing voluntarily resigned from the positions of CEO and executive director for personal and family reasons. After the appointment, Wang Lihang will continue to serve as the company's executive director.

Since February of last year, due to the turmoil surrounding the founder and former chairman of the board Baofan, the executive team of CR Holdings has undergone frequent changes, with the chairperson of the board changing from Xie Yijing to Baofan's wife Xu Yanqing, and the CEO switching from Xie Yijing to Wang Lihang through interim appointments. After nearly one year and 9 months of 'turbulence', CR Holdings may gradually stabilize after the arrival of the new CEO.

At just 44 years old, the new CEO has 17 years of experience in the industry.

Wang Lihang has worked at CR Holdings for a total of 17 years, starting his career in investment banking with the company in July 2007.

Publicly available resume information shows that Wang Lihang is currently 44 years old. From July 2007 to December 2015, he served as an analyst, manager, vice president of the TME department, director of the corporate financing team, and managing director. From January 2016 to December 2018, he was the head of the financial advisory division at CR Holdings and has held his current position since January 2019.

Currently, Wang Lihang also serves as an executive director, managing director, and co-president of the investment banking division at CR Holdings. He was appointed co-CEO of CR Holdings on February 2 of this year. Additionally, Wang Lihang is a member of the executive committee at CR Holdings.

From Wang Lixing's career history at CR Holdings, it is evident that he has deep industry experience and rich expertise in the M&A field.

The resume mentions that Wang Lixing personally handled well-known market mergers and acquisitions such as the acquisition of First-class Technology by Guangnian Yizhou, the financing of the spin-off of Unity's China business, Meituan's acquisition of Mobike, Momo's strategic acquisition of Tantan, the merger of Meituan and Dianping, the merger of 58.com and Ganji, the merger of Didi Global Inc and Kuaidi, Tencent's strategic investment in JD.com, Light Media's strategic investment in Maoyan, the merger of Dada and JD.com, the merger of Youku and Tudou, among others. It also includes long-term support and assistance in financing for star projects like Zhitu AI, Baichuan Intelligent, Shusheng Technology, Baidu Kunlun Chip, Baidu Technology, Zhihu, JD Health, and JD Logistics; as well as classic cases in the public market such as the IPOs of Huitongda, Kuaishou, and JD Health.

The chairman of the board of directors of CR Holdings, Xu Yanqing, expressed his satisfaction seeing Wang Lixing during their 17 years together at CR Holdings, weathering storms hand in hand and gradually growing into a new generation leader of the company.

At one point, he was deeply involved in the incident of missing person Baofan.

For nearly the past year and nine months, CR Holdings has continued to be affected by the incident involving the missing founder and former chairman Baofan.

In February of last year, CR Holdings announced that the company was temporarily unable to contact Baofan. Subsequent announcements that month stated that Baofan was cooperating with relevant authorities' investigation.

In February this year, CR Holdings announced that due to health reasons and a desire to spend more time dealing with family matters, Baofan resigned from his positions as executive director, chairman of the board of directors, CEO, chairman of the nomination committee, chairman of the executive committee, and member of the compensation committee. Xie Yijing was appointed as chairman of the board of directors, and the acting CEO was reappointed as CEO.

On September 6, CR Holdings announced the appointment of Xu Yanqing as a non-executive director, while Sun Qianhong resigned as a non-executive director.

On October 9, CR Holdings announced that Xu Yanqing was appointed as the chairman of the board of directors, chairman of the nomination committee, and a member of the compensation committee. On the same day, Xu Yanqing was transferred from non-executive director to executive director.