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GSTechnologies Share Price Rallies Following the Appointment of New CEO

Updated: 12 Oct 2021

IT solutions firm GSTechnologies (LON: GST) has seen its shares surge after confirming the appointment of Bai GuoJin (Jack Bai) as its new Chief Executive Officer with immediate effect.

Bai, an existing executive director at the company, joined the GST board in January 2021 and has over 30 years of experience in software development for the financial and telecommunication industries. 

In addition, he is a technology entrepreneur who has successfully built and exited multiple companies, including in fintech and payment solutions.  

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Bai cofounded Wise MPay, GSTechnologies' collaboration partner. He also leads the development of the Coalculus blockchain technology.

Since joining GST, Bai has led the blockchain technology activities and plans to launch a borderless neobanking platform.

“We are very pleased to announce that Jack Bai has been appointed as GST's new CEO. Jack has been leading our blockchain technology activities since his appointment at the beginning of the year and we believe it is the opportune time to appoint him to the role of CEO to take GST to the next level of growth and development,” said Tone Goh, Chairman of GST.

Commenting on the company's fintech plans, Goh said: “We have made significant further progress with our fintech plans since the announcement of the fundraising at the beginning of September. We are focused on both completing the recently announced acquisition of Angra and establishing a significant business from the stablecoin network and applications that we are developing from our collaboration with Wise MPay.”

GSTechnologies shares have rallied following the news. They are currently trading 35.64% above Monday's close at 1.57p.

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