HK-listed hot-pot chain Xiabuxiabu removes CEO, shares at near 8-month low

Xiabuxiabu Catering Management (China) Holdings

21/05/2021 04:25

** Shares of China's hot-pot restaurants chain operator
Xiabuxiabu Catering Management (China) Holdings Co Ltd  0520.HK 
fall as much as 11.9% to HK$10.36, their lowest since Oct 8,
2020
    ** Stock on course for a second session of losses, and on
track for the worst day since April 19 
    ** Xiabuxiabu stock is 10th-biggest percentage decliner on
the Hong Kong bourse
    ** The Beijing-based co says Chief Executive Officer Zhao Yi
has been removed from office, with effect from May 20, as the
performance of certain sub-brands of the group did not meet
expectations  urn:newsml:reuters.com:*:nFWN2N719X
    ** Says removal of Zhao will not have any significant
adverse effect on the group's operations
    ** Says Chairman Ho Kuang-Chi has been appointed as the CEO,
with effect from May 20  
    ** The Hong Kong Hang Seng consumer goods and services index
 .HSCGSI  gains 0.7%
    ** The Hang Seng China enterprises index  .HSCE  climbs
0.4%, while the benchmark index  .HSI  slips 0.3%
    ** As of last close, stock down 33.5% this year

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)