Is Sungy Mobile Ltd (NASDAQ:GOMO) a great investment? John Burbank seems to think so as his fund has reported a significant increase in its holding of the stock. According to a recent filing with the Securities and Exchange Commission, Burbank’s Passport Capital has taken its stake from 936,800 shares to 4.01 million shares. The fund’s current stake accounts for approximately 6.8% of the Sungy Mobile Ltd (NASDAQ:GOMO)’s common stock.
On July 18, Sungy Mobile Ltd (NASDAQ:GOMO) announced the appointment of a new member to its board of directors. Effective July 17, Dr. Feng Li has replaced Mr. Xiaosong Zhang as chairman of the audit committee and has also been appointed member of the compensation committee and of the nominating and corporate governance committee of the board. Dr. Feng Li is also a professor of accounting at the University of Michigan’s Stephen M. Ross School of Business. According to the same press release, Mr. Xiaosong Zhang has resigned due to personal reasons.