Wei, former COSCO CEO, to head Apollo Acquisition

Wei Jiafu, former chief executive officer of COSCO, has been named CEO of a Pasadena, California-based company called Apollo Acquisition Corp.    Wei Jiafu, the former chief executive officer of COSCO, has been named CEO of a Pasadena, Calif.-based company called Apollo Acquisition Corp., described by the U.S. Securities and Exchange Commission as a “blank check” investment firm capable of investing in a wide variety of businesses.
   In its 10-K filing with the SEC, Apollo said it is a “development stage company formed under the laws of the Cayman Islands on September 27, 2006, solely for the purpose of identifying and entering into a business combination with a privately held business or company, domiciled and operating in an emerging market that is seeking the advantages of being a publicly held corporation whose stock is eventually traded on a major United States stock exchange.”
   It said it intends “to focus on targets located primarily in Asia, South America and Eastern Europe, as we believe that businesses with operating history and growth potential in these locations would benefit significantly from access to the United States capital markets and may offer the potential of capital appreciation stemming from the economic growth in such emerging markets.”
   Wei jointed the company in May after seven directors of the company, including former CEO Jiang Xu resigned in May, as well as the company’s chief financial officer Chunhua Huang.
   The company noted in another filing with the Securities and Exchange Commission that none of the resignations “arose from any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.”
   Joining Wei as a new officer is Cliff Guan, the founder and managing director of Oak Tree Financial Advisors.
   Apollo Acquisition did not appear to have any affiliation with the well-known New York-based investment manager Apollo Global Management.