ROCKVILLE, Md., July 15, 2024 /PRNewswire/ — I-Mab (NASDAQ: IMAB) (the “Company” or “I-Mab”), a U.S.-based, global biotech company, announced today that the Board of Directors of the Company has appointed Mr. Wei Fu as the Chairman of the Board of Directors. He succeeds Dr. Pamela M. Klein, who steps down from I-Mab’s Board of Directors and the Interim Chairperson position.  Mr. Wei Fu has served as a member of the I-Mab Board of Directors since June 2018 and is the Chief Executive Officer of CBC Group, a healthcare asset management firm and the founding and largest shareholder of I-Mab.

In addition, Mr. Raj Kannan intends to leave his role as Chief Executive Officer and as a member of the Company’s Board of Directors, effective July 15, 2024.  Mr. Kannan will stay as an advisor of the Company until July 31, 2024 to assist with the transition.  This decision follows a mutual agreement with the Board of Directors.  Dr. Sean Xi-Yong Fu has assumed the role of Interim Chief Executive Officer and a member of the Board of Directors, effective July 15, 2024.

In addition to being Interim CEO and Director of I-Mab, Dr. Sean Fu is also an Operating Partner of ABio-X, an incubation platform for life sciences companies. Before joining ABio-X, Dr. Fu was co-founder and CEO of RVAC Medicines, an mRNA platform company. Prior to founding RVAC, Dr. Fu was Group VP and head of International R&D for Luye Pharma, overseeing organizations in Boston, Princeton, Germany, Switzerland and Japan. He was also the CEO of GeneLeap, a Luye subsidiary company focused on DNA and RNA therapeutics. Previously, Dr. Fu worked at Merck & Co. for 15 years with responsibilities covering R&D, business development, finance and operational management. His work at Merck included management of the finances for the late-stage clinical portfolio and leading the integration of global R&D network following the landmark $42 billion merger between Merck and Schering-Plough. Dr. Fu earned a Master’s and PhD degrees in materials science and engineering from Ohio State University, and an MBA from the Wharton School of University of Pennsylvania.

“Our dedication to scientific innovation and to our strategic objectives for bringing life-changing drugs to market is unwavering,” said Mr. Wei Fu, I-Mab’s new Chairman. “I am confident Dr. Fu will provide invaluable leadership for our talented team in advancing our innovative R&D pipeline and our business in his role as Interim CEO. He brings a wealth of biotech industry experience and relationships to support the Board as we secure the best permanent leader to take I-Mab forward and drive our growth opportunities and value for shareholders.  Meanwhile, we’d like to extend our gratitude to Ms. Klein and Mr. Kannan for their support and contributions to I-Mab.”

“I’m grateful for this opportunity and excited to lead I-Mab.  During this pivotal time, I am dedicated to leading I-Mab through the completion of its transformation to becoming a U.S.-based biotech company, to build the Company’s highly differentiated pipeline, and work with our Board of Directors, leadership team and talented employees and partners to create new treatment options for patients around the world,” said Dr. Sean Fu, Interim CEO of I-Mab.

In addition to these leadership transitions, the Company also announced certain changes to the composition of the Board of Directors and its committees:

• the resignations of Dr. Ruyi He and Professor Rong Shao as Directors, and
• the appointments of Mr. Wei Fu and Mr. Conor Chia-hung Yang as new members of the compensation committee with Mr. Wei Fu being the Chairman thereof, and Mr. Sean Xi-Yong Fu as a new member of the ESG committee.

After the transitions, the Company’s Board of Directors will consist of Mr. Wei Fu (Chairman), Dr. Sean Xi-Yong Fu, Mr. Chun Kwok Alan Au, Mr. Conor Chia-hung Yang, and Mr. Shuai Chen. The Company’s audit committee will consist of Mr. Yang (Chairman), Mr. Au, and Mr. Chen. The Company’s nominating and corporate governance committee consists of Mr. Wei Fu (Chairman), Mr. Au, and Mr. Yang. The compensation committee will consist of Mr. Wei Fu (Chairman), Mr. Au, and Mr. Yang, and the ESG committee will consist of Mr. Au (Chairman) and Mr. Sean Xi-Yong Fu.

About I-MAB

I-Mab (NASDAQ: IMAB) is a U.S.-based, global biotech company, exclusively focused on the development and potential commercialization of highly differentiated immunotherapies for the treatment of cancer.

I-Mab has established operations in the U.S. in Rockville, Maryland, and in San Diego, California. For more information, please visit https://www.i-mabbiopharma.com and follow us on LinkedIn and X.

Forward Looking Statements

This press release contains forward-looking statements.  These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “believes”, “dedication”, “objectives”, “intends”, “potential”, “determined to”, and similar terms or the negative thereof.  Forward-looking statements are based on I-Mab’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance.  Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in filings with the U.S. Securities and Exchange Commission.  I-Mab 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 by law.

I-Mab Contacts

Investors & Media
Tyler Ehler
Senior Director, Investor Relations
IR@imabbio.com 

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BEIJING, July 15, 2024 /PRNewswire/ — China Media Group, Esports World Cup Foundation and VSPO have signed a strategic cooperation agreement on Friday as the new China Media Group National Institute for Esports Development kicked off in Beijing.

China Media Group (CMG), which operates state television networks including CCTV, formally unveiled the new CMG National Institute for Esports Development on Friday. The Institute then signed a strategic cooperation agreement with the Esports World Cup Federation and VSPO during the establishment ceremony, vowing to jointly organize and participate in future esports events.

The three organizations have been long-time advocates for the healthy development of the esports industry. VSPO already works with the Esports World Cup Foundation in organizing the inaugural Esports World Cup, an eight-week mega event currently underway in Riyadh with a record-breaking prize pool of more than $60 million.

The three parties have been longtime proponents of the healthy development of the esports industry. VSPO already works with the Esports World Cup Foundation in organizing the inaugural Esports World Cup currently underway in Riyadh, an eight-week mega event with a record-breaking prize pool of more than $60 million.

“It’s a huge honor to be a strategic partner with the Chinese Media Group and the Esports World Cup Foundation with the establishment of the CMG National Institute for Esports Development, which marks another key sign of Beijing’s support for esports development,” chairman of VSPO, Asia’s biggest esports operator, Dino Ying said.

The ceremony fell on the same day as the International Olympic Committee announced that it has partnered with the National Olympic Committee (NOC) of Saudi Arabia to host the inaugural Olympic Esports Games 2025 in the Kingdom of Saudi Arabia. The Olympic Esports Games marks a milestone development for the esports industry and an exciting new chapter for Olympic history.

VSPO was also a partner for the Olympic Esports Week in Singapore last year, which paved the way for the creation of the Olympic Esports Games. VSPO is also an organizer for the esports series at the Asian Games in Hangzhou in 2023 and Jakarta in 2018. 

About VSPO

Founded in 2016, VSPO is the largest esports operator in Asia, producing more than 4,000 matches every year that captivate an online fan base of over 800 million. With a global presence encompassing 14 office locations and 8 top-tier esports arenas, VSPO offers a comprehensive suite of esports services, including tournament organization, marketing solutions, community development, and more. At the same time, VSPO was an organizer for the esports series at the Asian Games in Hangzhou in 2023 and Jakarta in 2018.

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Source: KLab Inc.

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Hong Kong Harbourfront Event Attracts Record Number of Tourists

HONG KONG, July 13, 2024 /PRNewswire/ — The “100% DORAEMON & FRIENDS” exhibition opens its doors today in Tsim Sha Tsui’s K11 art and cultural district, attracting a record-breaking crowd. The event, featuring the beloved 1969 manga character, Doraemon, underscores Hong Kong’s emerging status as a cultural hub.

The exhibition, held at the renowned Avenue of Stars, drew a significant influx of visitors to the Tsim Sha Tsui promenade. The event kicked off with a “blue” carpet at the Avenue, leading to large-scale Doraemon sculptures scattered both indoors and outdoors. According to K11 spokesperson, the footfall marked an impressive increase compared to the usual traffic.

The centrepiece of the exhibition was a 12-meter inflatable Doraemon, touted as the world’s tallest. The magnitude of the attraction highlights Hong Kong’s commitment to hosting grand cultural events.

This event is a part of Hong Kong’s broader strategy to capitalise on the ‘Mega Events Economy.’ Since 2022, the city has been actively strategising to establish itself as a hub for major cultural gatherings. Government officials stress that such events are vital for boosting tourism and invigorating the local economy. High-profile events, like Art Basel Hong Kong, attest to the city’s expanding influence in the cultural IP landscape.

According to the officials, these mega events, strategically leveraging popular culture, aim not only to draw tourists but also to stimulate local spending, benefiting sectors from retail to hospitality. Reports indicate that one tourist at the exhibition plans to spend a substantial sum on their trip, reflecting the broader economic benefits tied to such cultural attractions.

Adrian Cheng, Founder of K11 and a strong advocate of cultural exchange, remarked on the event: “This exhibition exemplifies the substantial economic impact that cultural IP can bring to Hong Kong. It’s a vibrant demonstration of how the fusion of culture and commerce can energise our city’s economy.”

Janet, a visitor who travelled from the Philippines, said, “I knew I had to come to Hong Kong when I first heard about the exhibition. It’s always wonderful to see your favourite childhood character in ‘real life’. We rarely get events like this at home, so I’m ready to spend HK$15,000 on merchandises and other Doraemon experiences that comes with the show.”

While merchandises are flying off the shelves at the promenade, adjacent to the exhibition at K11 MUSEA, the restaurant is drawing in locals and travellers with its Doraemon-themed set menu. Another restaurant operator, LUDBUDS F&B Group, which runs several restaurants in the Tsim Sha Tsui area, also has similar offerings.

“The exhibition has clearly brought more tourists and families to Tsim Sha Tsui. It opens up the opportunity to attract customers with our Doraemon set menu,” said Berfa Chow, Chief Operating Officer of LUBUDS F&B Group Ltd. Chow estimates that the revenue will increase by 30-40% during the event period.

Hotel stays generated by the event are also seeing a boost. Casper Tsui, Executive Director of the Federation of Hong Kong Hotel Owners, said, “The Doraemon exhibition, which runs across July and August, coincides with other large-scale exhibitions such as the Book Fair and Animation-Comic-Game Hong Kong. Additionally, there will be an exhibition football match featuring a La Liga team in Hong Kong. This series of events is expected to attract overnight visitors from the region and boost hotel occupancy rates. Occupancy rate of hotels in prime locations is expected to reach 80-90%, with hotels with special themes likely more.

As Hong Kong continues to curate and host innovative, large-scale cultural events, it solidifies its reputation as a premier destination for global cultural exchange. The DORAEMON exhibition is more than just an attraction; it embodies the city’s strategic economic and cultural vision.

K11 Founder Adrian Cheng, said, “The ‘100% DORAEMON & FRIENDS’ exhibition is not only a mega event for the city and the region, but also a prime example of cultural IP exchange. It successfully brings the iconic Japanese cultural IP to Hong Kong and spotlights other anime-inspired figures and Hong Kong film stars celebrated on the Avenue of Stars. This exhibition reflects Hong Kong’s status as East-meets-West Centre for International Cultural Exchange, which will continue to boost our tourism, F&B, and retail industries, generating both popularity and economic prosperity.”

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