<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) July 24, 1998
China Pacific, Inc.
(Exact Name of Registrant as Specified in Charter)
Nevada
(State or Other Jurisdiction of Incorporation)
0-26232 87-0429945
-------------------------------- ---------------------------------
(Commission File Number) (IRS Employer Identification No.)
Chengdu Iron and Steel Plant Office Bldg., Qingbaijiang District, Chengdu,
Sichuan Province, China, Postcode 610303
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code 86-28-330-6590
----------------------------
- --------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE> 2
ITEM 5. OTHER EVENTS.
Effective July 24, 1998, Ms. Flora Yuk-Ching Cheng, Mr. Liang-Guo Zhang
and Mr. Samuel Olenick resigned from their positions as directors of China
Pacific, Inc. (the "Company"). Ms. Cheng has also resigned from her positions of
Interim Chief Executive Officer, Vice President and Secretary.
In addition, Mr. Chun-Hing Lo, who is currently Vice General Manager of
the Company's 60% owned joint venture, Chengdu Chengkang Iron and Steel Company
("Chengdu Steel"), and Mr. Xin-Chuan Huang have been appointed as new directors
of the Company, effective immediately.
With these changes, the Company's Board is composed of four directors,
Mr. Lo, Mr. Huang, and the two remaining directors, Mr. Thomas Tong, who is also
the Company's Chief Financial Officer, and Mr. Jian-Sheng Tan. China Pacific has
not yet named a permanent Chief Executive Officer.
ITEM 7. EXHIBITS.
Press release dated July 27, 1998.
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.
China Pacific, Inc.
-------------------------------------------
(Registrant)
Date July 29, 1998 By: /s/ Thomas Tong
----------------------- ---------------------------------------
Thomas Tong
Chief Financial Officer
<PAGE> 3
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description
- ----------- -----------
<S> <C>
99.A Press Release
</TABLE>
<PAGE> 1
Exhibit to Form 8-K Exhibit 99.A
CHINA PACIFIC ANNOUNCED DIRECTORS CHANGES
China Pacific, Inc. (Nasdaq-SmallCap -CHNA, Date: July 27, 1998) today
reported the changes in its board of directors. China Pacific, Inc. ("China
Pacific" or the "Company") confirmed that, effective July 24, 1998, Flora Cheng,
Liang-Guo Zhang, and Samuel Olenick have resigned from their positions as
directors of the Company. In addition, Flora Cheng has resigned from her
positions of Interim Chief Executive Officer, Vice-President and Secretary.
The Company further announced that Chun-Hing Lo, Vice General Manager
of the Company's 60% owned joint venture, Chengdu Chengkang Iron and Steel
Company (Chengdu Steel), and Xin-Chuan Huang have been appointed as new
directors of the Company, effective immediately. The changes are expected to
provide the Company with strong leadership and technical expertise.
Chun-Hing Lo, who is currently Vice General Manager and director of
Chengdu Steel, has been promoted to Chief Operating Officer of the Company. Mr.
Lo joined the Company in 1997 and has held positions of increasing
responsibility at Chengdu Steel. He has over sixteen years of management
experience in Hong Kong and China. Before joining the Company, he was a
management consultant of a Sino-Hong Kong joint venture company in Shanghai, the
People's Republic of China. Mr. Lo holds a Bachelor's degree in Physical Science
and a Master's degree in Business Administration.
Xin-Chuan Huang has over twenty-five years experience in
infrastructure-related industries, including water supply and hydroelectric
projects in the People's Republic of China. He also has expertise in iron and
steel and cement manufacturing. Prior to his appointment as a director of the
Company, Mr. Huang was the executive director and legal representative of both
China Treasure Property Development Company and China Treasure Industrial
Enterprises, which are each sub-subsidiaries of Open View Properties Ltd.
With these changes, the Company's board is composed of four directors,
Mr. Lo, Mr. Huang, and the two remaining directors, Mr. Thomas Tong, who is also
the Company's Chief Financial Officer, and Mr. Jian-Sheng Tan. China Pacific has
not yet named a permanent Chief Executive Officer.
<PAGE> 2
China Pacific, Inc. is a leading producer of steel and iron products in
Sichuan Province, The People's Republic of China, through its majority interest
in Chengdu Chengkang Iron and Steel Company. Additional corporate information
and press releases are available at the Company's web site,
www.chinapacific.com, or contact:
Corporate Office - China Los Angeles Office - USA
Chengdu Iron & Steel Plant Office Bldg. 715 Termino Avenue
Qingbaijiang District, China Long Beach, CA 90804
Postcode 610303 Tel: (562)433-1882
Tel: (86)28-330-6590 Fax: (562)433-2029
Fax: (86)28-330-1550
