China's TravelSky sinks to over 10-month low on proposed chairman change

TravelSky Technology

09/07/2021 08:11

** Shares of Chinese aviation information technology
services provider TravelSky Technology Ltd  0696.HK  fall 5.5%
to HK$14.90, their lowest level since Aug. 11
    ** Stock is set for its worst day since Jan. 11 and is on
course for a second consecutive session of declines
    ** The Beijing, China-based company says its controlling
shareholder, China TravelSky Holding Co Ltd, has proposed to
replace its chairman Cui Zhixiong with Huang Rongshun, effective
upon shareholders' approval at a general meeting  urn:newsml:reuters.com:*:nFWN2OK11M
    ** Huang has been serving as the chief member of China
Technology Committee of Aviation Transportation Standardization
since May 2021 and as the director and deputy secretary of the
Party Committee of China TravelSky 
    ** Says the proposed change is due to internal work
re-allocation in the parent company and Cui has confirmed that
he has no disagreement with the board
    ** The Hong Kong Hang Seng sub-index tracking information
technology firms  .HSCIIT  falls 1.8% 
    ** The Hang Seng China Enterprises index  .HSCE  climbs 0.8%
and the benchmark index  .HIS  gains 0.9%
    ** Stock had fallen 15.7% this year, as of last close 

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