Qilu Expressway (01576.HK) saw its stock price plummet by 5.91% in the early trading session on Thursday, following the release of its full-year financial results and announcements of management changes. The sharp decline reflects investor disappointment with the company's performance and outlook.

According to the company's financial report, Qilu Expressway posted a full-year revenue of RMB 7.02 billion, with a profit attributable to shareholders of RMB 484.6 million. The company's gross margin stood at 10.55%, while earnings per share (EPS) came in at RMB 0.23. In light of these results, the board proposed a final dividend of RMB 0.1 per share, which may have fallen short of investor expectations.

Adding to investor concerns, Qilu Expressway announced significant changes in its top management. Peng Hui has resigned from his positions as Executive Director and General Manager. The board has proposed the appointment of Duan Peng as a new Executive Director, signaling a shift in leadership that may have contributed to market uncertainty. The combination of underwhelming financial performance and management reshuffling appears to have triggered a sell-off, leading to the substantial drop in the company's stock price.