Shares of Chongqing Rural Commercial Bank (CQRC BANK) surged 7.59% on Wednesday, following the announcement of a leadership change at the top of the bank.
According to a filing with the Hong Kong stock exchange, the bank's former chairman, Xie Wenhui, resigned due to a job transfer. The bank's board elected Sui Jun, the current president, to perform the duties of chairman until a new chairman is elected.
The market reacted positively to the appointment of Sui Jun as acting chairman, with CQRC BANK's stock closing at HKD 4.65, up HKD 0.30 or 6.90% on the day. While the reasons behind Xie Wenhui's resignation remain unclear, investors appear to have confidence in Sui Jun's leadership and the bank's direction under his interim guidance.
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