Shares of CHINA LIFE Insurance (HKG:02628) surged 8.44% on Monday after the company announced the resignation of its chairman Bai Tao due to an adjustment in work arrangements.
According to a filing on Monday, Bai Tao stepped down from his roles as chairman and executive director of the leading Chinese insurer, effective immediately. Li Mingguang, the company's president and current executive director, has taken over as acting chairman until a new chairman is appointed.
The surprise leadership change appears to have been welcomed by investors, with CHINA LIFE's stock price jumping over 6% on the day. Market analysts suggest the resignation could pave the way for fresh strategic initiatives and a change in management direction for the state-backed insurance giant.
CHINA LIFE closed the trading day at HKD 15.62, up HKD 0.92 or 6.26%. The significant rally reflects optimism among shareholders for potential positive developments under new leadership at the top of the company.
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