Hong Kong's New World Development jumps most in 26 years after CEO resigns

New World Department Store China

27/09/2024 03:37

** Shares of property developer New World Development
 0017.HK  jump 20.9% to HK$9.9, on track for biggest one-day pct
rise since January 1998, after the resignation of CEO Adrian
Cheng 
    ** Stock hits the highest since May 23, top pct gainer in
the Hang Seng Index  .HSI  and Hang Seng Property Index  .HSNP ,
which rise 2.4 and 2.5%, respectively
    ** Shares were suspended from trading on Thursday, pending
the release of the management changes
    ** Adrian Cheng, the third-generation scion of the firm's
founding family, has resigned and will be replaced by its chief
operating officer, New World said 
    ** Co reported a net loss of HK$19.7 bln ($2.53 bln) for the
financial year ended June
    ** New World said it was in talks to offload its entire
stake in a multi-purpose sports venue, Kai Tak Sports Park, in
Hong Kong to the conglomerate's parent, Chow Tai Fook
Enterprises 
    ** The Hang Seng Commerce & Industry Index  .HSNC  jumps
3.2% and the Hang Seng Mainland Properties Index  .HSMPI  surges
2.8%
    ** Shares of New World down 19.1% YTD  

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