China online education group East Buy jumps on management reshuffle

East Buy Holding

18/12/2023 02:49

** Shares of China online education courses provider East
Buy Holding Ltd  1797.HK  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  .HSTECH  and Hang Seng Composite Index
 .HSCI  
    ** 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  .HSTECH  falls 1.1%, while Hang
Seng Composite Index  .HSCI  and Hang Seng Index  .HSI  boht
slip 03.9%
    ** Stock down 43.4% YTD 

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))