8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 17, 2017

WECAST NETWORK, INC.
(Exact name of registrant as specified in its charter)

Nevada	001-35561	20-1778374
(State or other jurisdiction of	(Commission File Number)	(IRS Employer Identification No.)
incorporation)

Building B4, Tai Ming International Business Court,

Tai Hu Town, Tongzhou District, Beijing, China 101116
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: 212-206-1216

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Chief Financial Officer Appointment

On March 17, 2017, the Board unanimously appointed Mr. Simon Wang as the Chief Financial Officer (“CFO”) and principal accounting officer of Wecast Network, Inc. (the “Company”), effective immediately.

Mr. Wang replaces Mr. Yi Xu, the interim CFO and principal accounting officer of the Company. Mr. Xu held the role of interim CFO of the Company for a short period while the search for a permanent CFO occurred. Mr. Xu remains Chief Operating Officer of the Company. The Company has not yet entered into an employment agreement with Mr. Wang. There is no arrangement or understanding between Mr. Wang and any other person pursuant to which he was selected CFO, there is no family relationship between Mr. Wang and any director or officer of the Company, and Mr. Wang is not party to any transaction in which the Company is a participant.

Mr. Wang, age 36, comes to the Company with more than ten years of experience in financial management. Prior to joining the Company, from August 2015 to January 2017, Mr. Wang was the Financial VP of Beibei Group(China) Ltd (beibei.com), a Chinese maternal and infant product e-commerce platform, where he led the financial team, accounting team, investing team, treasury team and legal team, directed and oversaw management and statutory reports of the companies setting benchmarks, key drivers and targets, and planned and directed treasury activities including fund seeking for working capital or potential capital investments, performing cash flow projections and managing daily treasury responsibilities. Between December 2013 and August 2015, Mr. Wang served as the Director of the Financial Department at Vipshop Holdings Ltd. (NYSE: VIPS), a Chinese online discount retailer, where he ensured external audit of financial report and Sox 404, maintained the delegations of authority, found and followed through on the control breaks. Before 2013, he was the senior manager of Deloitte China (a member of Deloitte Touche Tohmatsu Limited, a UK private company), a tax, audit, and consulting firm, where he led a team of professionals or assisted Partner-in-charge in carrying out quality assurance services to clients in Financial Services sector or Listed Companies. Vocational qualifications of Mr. Wang include CPA Australia, China Public Accountants (CICPA) and China Legal Professional Qualification. Mr. Wang holds a BA in Accounting from Southwest University of Political Science and Law and a Master’s in Finance from the Chinese Academy of Social Sciences.

Chief Technology Officer Appointment

On March 17, 2017, the Board unanimously appointed Mr. Randy Huang as Chief Technology Officer (“CTO”) of the Company, effective immediately. The Company has not yet entered into an employment agreement with Mr. Huang. There is no arrangement or understanding between Mr. Huang and any other person pursuant to which he was selected CFT, there is no family relationship between Mr. Huang and any director or officer of the Company, and Mr. Huang is not party to any transaction in which the Company is a participant.

Mr. Huang, 45, served as the CTO for Sun Seven Stars Media Group, an affiliate of the Company, since January 2017. Prior to that, Mr. Huang held various technical positions within Cisco Systems, Inc. (“Cisco”), an American multinational technology conglomerate. These positions included Senior Director, managing the global software R&D team of the Cable Access Business Unit from April 2015 to November 2016, Director of the global software R&D team of Cable Access Business Unit from January 2013 to April 2015, Director of the CHINA R&D team of Cable Access Business Unit from October 2010 to January 2013, and other management and engineering positions building industry-leading routing systems since August 1997. During Mr. Huang’s time at Cisco, Mr. Huang has led teams of more than 500 engineers, and worked in various areas such as software development, networking, product development, embedded systems, virtualization and cloud-based micro-service architectures. Mr. Huang holds a Master in Computer Science from UCLA and a BA in Environmental Engineering from Tsinghua University.

Item 8.01. Other Events.

On March 23, 2017, the Company issued a press release announcing the appointment of Mr. Wang and as CFO and Mr. Huang as CTO, a copy of which is filed as Exhibit 99.1 hereto.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit
No. Description

99.1 Press Release dated March 23, 2017

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 hereunto duly authorized.

	WECAST NETWORK, INC.
Date: March 23, 2017	By:	/s/ Bing Yang
		Bing Yang
		Chief Executive Officer

EX-99.1

Exhibit 99.1

Wecast Network Names Both New CFO and CTO

New York, NY, March 23, 2017 – Wecast Network, Inc. (NASDAQ: WCST) (“Wecast” or the “Company” or “WCST”), announced today that its Board of Directors (the “Board”), on March 17, 2017, unanimously appointed Mr. Simon Wang as Chief Financial Officer (“CFO”) and principal accounting officer of the Company, effective immediately. Mr. Wang takes over the CFO role from Mr. Yi Xu, the Company’s current Chief Operating Officer, who also held the role of interim CFO of the Company for a short period while the search for a permanent CFO was occuring. In addition, the Company unanimously appointed Mr. Randy Huang as Chief Technology Officer (“CTO”).

Mr. Wang, who began his career at Deloitte China, comes to Wecast with more than 15 years of finance, accounting and audit experience and has held leadership positions at public and privately held internet and technology companies. Mr. Wang was most recently at privately held e-commerce platform, BeiBei.com, where he led the finance, accounting and treasury divisions.

Prior to that, Mr. Wang worked at NYSE-traded Vipshop (VIPS) where he served as a finance director responsible for external audits and SOX compliance amongst other finance-related duties.

Mr. Wang holds a BA in Accounting (from Southwest University of Political Science and Law) and a Master’s in Finance (from the Chinese Academy of Social Sciences).

Chief Technology Officer, Mr. Randy Huang, has spent the last 20 years at Cisco Systems, Inc., most recently as a Senior Director of Engineering. During Mr. Huang’s time at Cisco he has led teams of more than 500 engineers, and worked in various areas such as software development, networking, product development, embedded systems, virtualization and cloud-based micro-service architectures.

Mr. Huang holds a Master’s in Computer Science from UCLA and a BA in Environmental Engineering from Tsinghua University.

Mr. Bing Yang, CEO of Wecast Network, said of the new hires, “As we drive Wecast through the next phases of growth, we are looking to fill out our management team with individuals who have a track record of success, leadership, vision and uninhibited drive. With both new hires, we are confident in their ability to bring considerable experience and perspective to Wecast’s senior leadership team, along with deep knowledge and expertise to each of their resepctive functional areas.”

About Wecast Network, Inc. (http://corporate.wecastnetworkinc.com)

Wecast Network, Inc. (NASDAQ: WCST), is a next generation global brand licensing, IP sales and video commerce company driven by AI and Big Data. With a firm focus on 4 strategy pillars which include: Brand, Content, Commerce and Licensing, the Company is leveraging and optimizing its legacy operations as a premium content Video On Demand service provider in China to evolve into a global, vertical, ubiquitous and transactional B2B2C, mobile-driven, consumer and supply chain management platform. By aiming to establish the world’s premier multimedia, social networking and smart e-commerce-enabled network with the largest global effective connected user base, Wecast, through this expanded, cloud-based, ecosystem of connected screens combined with strong partnerships with leading global providers, will be capable of delivering a vast array of WCST/YOD–branded products and services to enterprise customers and end-use consumers - anytime and anywhere, across multiple platforms and devices.

Wecast has content distribution agreements in place with many of Hollywood's top studios including Disney Media Distribution, Paramount Pictures, NBC Universal and Twentieth Century Fox Television Distribution, Miramax, as well as a broad selection of the best content from Chinese filmmakers. In addition, the Company has governmental partnerships and licenses as well as numerous JV partnerships and strategic cooperation agreements with an array of distribution and content partners in the global new media space. Wecast is headquartered in both New York, NY and Beijing, China.

Safe Harbor Statement

This press release contains certain statements that may include "forward looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

CONTACT:

Jason Finkelstein

Wecast Network, Inc.

212-206-1216