Yurun shares tumble as chairman quits
By Ding Yining |
July 10, 2012, Tuesday
|
Print Edition
Print Edition
SHARES of China Yurun Food Group tumbled 9.75 percent on the Hong Kong stock exchange yesterday after the company's founder resigned as chairman.
Yurun, China's largest meat processor, said in a filing over the weekend that Zhu Yicai has resigned due to personal commitments, but will remain with the company as honorary chairman and senior adviser.
The company's shares closed at HK$6.39 (82 US cents).
Zhu's resignation fanned speculation that the management reshuffle was due to a series of recent unflattering reports calling into question the safety and quality of the company's products.
Nanjing, Jiangsu Province-based Yurun last month refuted allegations of accounting misstatements. The company also said rumors about product contamination were groundless and misleading.
Chief Executive Yu Zhangli will step up as chairman, and Vice President Li Shibao has been appointed to replace Yu - the second time the chief executive officer has been replaced in four months.
Zhu has resigned due to engagements and commitments in serving the community and his personal investments, which require more of his time, Yurun said in the filing.
"The unveiling of a new chairman and chief executive officer may bring strategy shifts in the future but won't affect the company's core business in the short term," said Wang Xiaoyue, a researcher with Beijing Orient Agribusiness Consultant.
Yurun, China's largest meat processor, said in a filing over the weekend that Zhu Yicai has resigned due to personal commitments, but will remain with the company as honorary chairman and senior adviser.
The company's shares closed at HK$6.39 (82 US cents).
Zhu's resignation fanned speculation that the management reshuffle was due to a series of recent unflattering reports calling into question the safety and quality of the company's products.
Nanjing, Jiangsu Province-based Yurun last month refuted allegations of accounting misstatements. The company also said rumors about product contamination were groundless and misleading.
Chief Executive Yu Zhangli will step up as chairman, and Vice President Li Shibao has been appointed to replace Yu - the second time the chief executive officer has been replaced in four months.
Zhu has resigned due to engagements and commitments in serving the community and his personal investments, which require more of his time, Yurun said in the filing.
"The unveiling of a new chairman and chief executive officer may bring strategy shifts in the future but won't affect the company's core business in the short term," said Wang Xiaoyue, a researcher with Beijing Orient Agribusiness Consultant.
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