C&D Property Management Group Co Ltd (02156.HK) saw its stock price plummet by 10.10% in early trading on Thursday, following the release of its annual financial results and a significant leadership change announced the previous day.
The company reported a net income attributable of RMB 323.5 million for the fiscal year, with revenue reaching RMB 3,292.9 million. The gross profit stood at RMB 706.7 million, resulting in a gross margin of 21.5%. Despite these figures, the market reaction suggests that investors may have been expecting stronger performance or were concerned about future growth prospects.
Adding to potential investor uncertainty, C&D Property announced a major leadership reshuffle. Qiao Haixia, who previously served as the Chief Executive Officer, has been appointed as the new Chairperson of the board, replacing Lin Weiguo. Meanwhile, Huang Danghui has been named the new CEO. Such significant changes in top management often lead to short-term stock volatility as the market assesses the potential impact on the company's future direction and performance.
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