BUZZ-HK-listed Greentown China drops on management reshuffle

Reuters2025-03-27
BUZZ-HK-listed Greentown China drops on management reshuffle

** Shares of Greentown China Holdings 3900.HK drop 9.9% to HK$10.88

** Stock on track for the biggest one-day pct decline since October 8, 2024

** Stock hits the lowest since February 26; top pct loser on index tracking properties and construction stocks .HSCIPC, which gains 0.04%

** The Chinese property developer says Zhang Yadong has resigned as chairman due to "work arrangement", Zhou Changjiang has resigned as an executive director with effect from March 26

** Co appoints Liu Chengyun as non-executive director and chairman with effect from March 26

** "We believe investors would see the recent change of chairman as a short-term uncertainty, for example, around any change in strategy and targets, or further management change," says Citi

** Adds, Greentown may take more time to re-establish a track record

** Stock up 19.4% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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