Market Chatter: Seres Denies Rumors of Forcing Out Older Staff; Shares Up 5%

MT Newswires Live10-31

Seres Group (SHA:601127) has refuted online rumors suggesting a plan to force out older or more experienced employees, Yicai Global reported Wednesday, citing a Weibo post.

The so-called "520 Plan," which allegedly targeted workers over 50 or with over 20 years of service, was discussed internally but never formalized or implemented, the report said.

The company also dismissed rumors about the demotion of an employee linked to the leak of internal documents, according to the report.

The automotive manufacturer's shares rose 5% recently.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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