Shares of Hong Kong's major developer, New World Development, surged as high as 23% after trading resumed following the resignation of Adrian Cheng, a member of the founding family. The company appointed Chief Operating Officer Eric Ma Siu-Cheung as the new CEO.
Shares of Hong Kong 's major developer, New World Development surged as high as 23% after trading resumed, following the resignation of Adrian Cheng, a member of the founding family.Signage at the New World Tower, which houses the headquarters of New World Development Co., in Hong Kong , China, on Thursday, Sept. 26, 2024. New World Developmen suspended trading of its shares in Hong Kong on Thursday morning.
"This is clearly showing that corporate governance does matter. Having all of these tycoons with their preferred sons or daughters, mostly sons, is not really the way to run these companies," Alicia Garcia-Herrero, chief economist for Asia Pacific at Natixis, an investment banking company, told CNBC.
New World Development Hong Kong CEO Resignation Stock Surge Property Market
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