Shares of New China Life Insurance Company Ltd (NCI) surged by an impressive 16.71% on September 30, 2024, following the company's announcement of a leadership change at the top level.
According to reports, NCI received the resignation letter from Zhang Hong, who stepped down from his positions as Executive Director and President. In a subsequent announcement, the company revealed its plans to nominate Gong Xingfeng as a candidate for Executive Director of the eighth session of the Board and appoint him as the new President.
While the resignation of a top executive like Zhang Hong initially raised some concerns about potential disruptions, the prompt appointment of Gong Xingfeng as the new President seems to have reassured investors about the company's future direction and stability. The market reacted positively to this leadership transition, interpreting it as a positive development for NCI's prospects.
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