Beijing-based NetEase said founder William Ding, who in May returned from an earlier resignation to be acting chief executive and chief financial officer, had stepped down from his executive roles but will remain as a board member and adviser.
Ding was replaced by board member Ted Sun as acting CEO.
NetEase is appealing Nasdaq's attempts to delist the stock and said it is preparing a response to the market's request for additional information.
"We plan to submit it to Nasdaq as early as possible," a spokeswoman said on Thursday.
The company said an unfavourable ruling by Nasdaq's appeals panel would result in immediate delisting from the Nasdaq's main board.
NetEase shares were suspended when it failed to turn in its revised annual report for 2000 on time. In its revised report filed at the end of August, the company revealed that its net loss for 2000 was 18 percent wider than previously reported.
The stock last closed at US$0.6492 on August 31.
The results were restated after an auditor determined that the firm had improperly recorded US$4.3 million in revenue.
NetEase, one of three Nasdaq-listed Chinese portals -- all of them struggling in a barren online advertising landscape -- has been involved in thus-far unsuccessful merger talks.
(Agencies 09/13/2001)
