C&D Property Management Group Co Ltd (02156.HK) saw its stock price plummet by 10.10% in the pre-market trading session on Thursday. This significant drop comes on the heels of the company's release of its full-year financial results and a major leadership reshuffle.
The property management firm reported a net income attributable of RMB 323.5 million for the fiscal year, with revenue reaching RMB 3,292.9 million. The company's gross margin stood at 21.5%, resulting in a gross profit of RMB 706.7 million. Despite these figures, the market reaction suggests that investors may have been expecting stronger performance. C&D Property also announced a final dividend of HK$0.15 per share.
Adding to the market's concerns, C&D Property disclosed significant changes in its top leadership. Qiao Haixia, who previously served as the Chief Executive Officer, has been appointed as the new Chairperson of the board. Simultaneously, Huang Danghui has been named the new CEO, replacing Qiao in that role. The former Chairperson, Lin Weiguo, has stepped down from the position. These abrupt changes in key management positions may have contributed to investor uncertainty, potentially explaining the sharp decline in stock price.
