UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
____________
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant
to Rule 13a-16 or 15d-16 under
the
Securities Exchange Act of 1934
For the month of November, 2014
Commission File Number: 1-35016
SGOCO Group, Ltd.
Suite 1503, Sino Plaza
255-257 Gloucester Road
Causeway Bay
Hong Kong
(Address of principal
executive office)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F: Form 20-F x
Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
This report is hereby incorporated by reference to the Registration
Statement on Form F-3 (File No. 333-176437) of the Company.
Resignation of Chief Executive Officer and Appointment of
New Chief Executive Officer
Effective November
1, 2014, the Company received a letter of resignation from the Company’s President and Chief Executive Officer, Mr. David
Xu, effective immediately. Mr. Xu confirmed in the letter that he was resigning from the Company and its Board of Directors for
personal reasons and that his resignations did not involve any disagreement with the Company.
On November 1, 2014, the Company’s Board of Directors appointed Mr. Shi-bin Xie to succeed Mr. Xu
as President and Chief Executive Officer of the Company, effective immediately.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
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SGOCO Group, Ltd. |
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Date: November 3, 2014 |
By: |
/s/ Shi-bin Xie |
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Shi-bin Xie |
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President and Chief Executive Officer |
Exhibit Index
Exhibit Number |
Description |
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99.1 |
Press Release regarding change of executive officer. |
Exhibit 99.1
SGOCO Group, Ltd. Appoints Mr. Shi-Bin Xie
as President and Chief Executive Officer
HONG KONG, November 3, 2014 /PRNewswire/ -- SGOCO
Group, Ltd. (Nasdaq: SGOC), ("SGOCO" or the "Company"), a company focused on product design, distribution and
brand development in the China display market, today announced its Board of Directors has appointed Mr. Shi-bin Xie to assume the
new role as the President and Chief Executive Officer (“CEO”) of the Company, effective on November 1, 2014, to replace
Mr. David Xu, who had resigned from the Board and as President and CEO for personal reasons and confirmed no disagreement
with the Company.
With
more than 15 years of experience in sales and marketing, specializing in Chinese display products, Mr. Shi-bin Xie was named as
the President and CEO of SGOCO. He joined the Company in July 2012 and was promoted to the Vice President of Sales to handle a
wide range of responsibilities in 2013. Prior to joining SGOCO, he was the Vice President of Sales in Shenzhen Dongqiao Huahan
Technology Co., Ltd. From 2005 to 2010, Mr. Xie took a key role as the General Manager of Shenzhen Qinghua Ziguang Technology Co.,
Ltd and he also served as sales and marketing manager in various companies in China from 1997 to 2005. In addition, Mr. Xie holds
a Bachelor of Science in Engineering from the East China Institute of Technology.
“The members of the Board consider Mr.
Xie as the right person to lead the Company forward.” Mr. Tin Man Or, Chairman of the
Board commented on the new position change. “We would also like to thank David for his leadership and contribution during
the previous years and wish him all the best in his future endeavors”.
He continued,
“We are delighted to welcome Mr. Xie as our new President and CEO effective immediately. With the new role,
he will be deeply involved in management, operation and financial strategy of the Company. We are confident that SGOCO will achieve
long-term sustainable growth and tap the new opportunities in the display market under his leadership.”
Last but not least, the newly appointed President
and CEO Mr. Xie added, "I am honored to take this challenging role and look forward to working more closely with the entire
team. In order to create the best share value and potential growth opportunities, our team will make concerted efforts and mutually
cooperate in the foreseeable future to achieve our goals.”
About SGOCO Group, Ltd.
SGOCO Group, Ltd. is focused on product design,
brand development and distribution in the Chinese display market, including computer monitors, All-In-One (“AIO”) and
Parts-In-One (“PIO”) computers and application specific products. SGOCO sells its products and services in the China
market and abroad. For more information about SGOCO, please visit our investor relations website http://www.sgocogroup.com.
Safe Harbor and Informational Statement
This announcement contains "forward-looking"
statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of
1995. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives,
plans and strategies of the Company set forth herein and those preceded by or that include the words "believe," "expect,"
"anticipate," "future," "will," "intend," "plan," "estimate" or similar
expressions, are "forward-looking statements". Forward-looking statements in this release include, without limitation,
the effectiveness of the Company's multiple-brand, multiple channel strategy and the transitioning of its product development and
sales focus and to a "light-asset" model, Although the Company's management believes that such forward-looking statements
are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a
number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated.
These forward-looking statements can change as a result of many possible events or factors not all of which are known to the Company,
which may include, without limitation, requirements or changes adversely affecting the LCD and LED market in China; fluctuations
in customer demand for LCD and LED products generally; our success in promoting our brand of LCD and LED products in China and
elsewhere; our ability to have effective internal control over financial reporting; our success in designing and distributing products
under brands licensed from others; management of sales trend and client mix; possibility of securing loans and other financing
without efficient fixed assets as collaterals; changes in government policy in China; the fluctuations and competition in sales
and sale prices of LCD and LED products in China; China's overall economic conditions and local market economic conditions; our
ability to expand through strategic acquisitions and establishment of new locations; compliance with government regulations; legislation
or regulatory environments; geopolitical events, and other events and/or risks outlined in SGOCO's filings with the U.S. Securities
and Exchange Commission, including its annual report on Form 20-F and other filings. All information provided in this press release
and in the attachments is as of the date of the issuance, and SGOCO does not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
For investor and media inquiries, please contact:
SGOCO Group, Ltd.
Kathy Ko
Investor Relations Officer
Tel: +852 2501 0128
US: +1(646) - 5831616 (Voice mail)
Email: ir@sgoco.com
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