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<Research>M Stanley: BRILLIANCE CHI (01114.HK) Chairman Resignation, Failure to Appoint New Chairman Add Uncertainty to Future Development
Recommend 23 Positive 30 Negative 21 |
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BRILLIANCE CHI (01114.HK)'s share price was pressured this morning (12th). The stock last printed at $2.7, down 8.5%. BRILLIANCE CHI announced that Wu Xiao An tendered his resignation as an executive director, Chairman, a member of the nomination committee, remuneration committee and the subsidiary senior management appointment committee of the Board due to his other commitment. Morgan Stanley released a research report believing that it does not look totally abnormal, and that this change in senior management does add uncertainty to the Company's future development, such as the Company's significant increase in cash returns over the past 2-3 years ($7.72 per share), considering Wu's resignation as Chairman at the age of 62. Given that BRILLIANCE CHI has yet to announce a new Chairman, any new investment plans under the new management, as well as potential changes to the Company's shareholder return policies, are key to watch, according to the report. AAStocks Financial News |
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