Microport Cardioflow Medtech Corp (02160.HK) saw its stock price plummet by 5.41% in early trading on Friday, following a series of significant announcements made after the previous day's market close. The sharp decline comes as investors react to a major leadership change and the company's latest financial results.

In a surprising move, Microport Cardioflow Medtech announced that Jeffrey R Lindstrom has resigned from his positions as Executive Director and President. The company simultaneously revealed that Zhang Ruinian has been appointed to fill these crucial roles. This abrupt change in top management has likely unsettled investors, raising questions about the company's future direction and strategy.

Adding to investor concerns, Microport Cardioflow Medtech also released its financial results. The company reported an annual revenue of RMB 361.6 million, with a gross profit of RMB 251.2 million and a gross margin of 69.5%. While the gross margin appears healthy, the market's negative reaction suggests that these figures may have fallen short of expectations, potentially contributing to the stock's significant drop.