China Online Education Group East Buy Jumps on Management Reshuffle

Reuters2023-12-18

Shares of China online education courses provider East Buy Holding Ltd jump 18.5% to HK$31.10, on course for their biggest one-day pct gain since July 28.

Stock hit the highest since Dec 13; biggest pct gainer in Hang Seng Tech Index and Hang Seng Composite Index.

Beijing-based co says it has resolved to dismiss Sun Dongxu from the position of Chief Executive Officer (CEO) with immediate effect, in a move to protect the shareholders' interests and allow for a more experienced director to take over the management of the company.

"The change in Mr. Sun's position reflects his recent mismanagement of the company's brand and reputation in light of recent media sentiment" - co

Co says Yu Minhong has been appointed as the new CEO effective immediately and will remain chairman of the board.

Hang Seng Tech Index falls 1.1%, while Hang Seng Composite Index and Hang Seng Index boht slip 03.9%.

Stock down 43.4% YTD.

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