CNBC AI News, August 11th – Nanning Yunguitong Technology Co., Ltd. is currently facing a social media storm in China after revelations that its executive leadership team is composed entirely of individuals born in the 2000s.
Fueling the online buzz is a screenshot circulating online, purportedly revealing that the company’s Chairman, identified as Xie, was born in April 2008 – making him just 17 years old. According to the screenshot, Xie assumed the role of Chairman in January 2024.
In response to the escalating situation, Yunguitong (Guangxi) Technology Co., Ltd. issued a statement in the early hours of this morning, addressing the swirling controversy.
The company cited Article 18 of the Civil Code of the People’s Republic of China, which stipulates that minors aged 16 and above who derive their primary source of income from their own labor are considered to possess full civil capacity. This essentially grants them the legal standing to engage in business activities.
Chinese company law dictates that individuals lacking full or limited civil capacity are ineligible to hold senior management positions within a company. Therefore, Yunguitong (Guangxi) argues that based on legal frameworks, the executive’s qualifications align with relevant regulations. This highlights the nuanced legal landscape in China concerning youth entrepreneurship and corporate governance.
The company emphasized that all registration details for shareholders and executives are complete and accurate. It affirmed that there was no unauthorized use of personal information and that all registration processes adhered to legal requirements.
Regarding the company’s objectives and business operations, Yunguitong (Guangxi) Technology Co., Ltd. clarified that its registration served two primary purposes: participation in the China International College Students’ Innovation Competition and engagement in legitimate business activities, including socially responsible projects. The company maintains that all projects and operations strictly comply with applicable laws and regulations, with no illegal or non-compliant activities taking place. The China International College Students’ Innovation Competition is a significant event showcasing young entrepreneurial talent and innovative ideas, potentially offering Yunguitong access to funding and mentorship opportunities.
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