MOST KWAI CHUNG Shares Once Slump 16%+ after Announcing Director Changes

MOST KWAI CHUNG (01716.HK) -0.570 (-7.682%) announced that, with effect from yesterday (5th), Iu Kar Ho has resigned as an executive Director, an Authorized Representative of the Company for the purpose of the Listing Rules on The Stock Exchange of Hong Kong Limited, and an Authorized Representative for accepting service of process and notices in Hong Kong under Part 16 of the Companies Ordinance of the Company; Luk Ka Chun has resigned as an executive Director and an Authorized Representative of the Company; Leung Hoi Yui has resigned as an executive Director and a member of the nomination committee of the Board; Leung Ting Yuk has resigned as an independent non-executive Director, chairman of the remuneration committee of the Board, chairman of the Nomination Committee, and a member of the audit committee of the Board; and Ho Kwong Yu has resigned as an independent non-executive Director, chairman of the Audit Committee, and a member of each of the Nomination Committee and the Remuneration Committee.The Board further announced that Cheng Taohong has been appointed as an executive Director and an Authorized Representative of the Company; Yuan Yuan has been appointed as an independent nonexecutive Director, chairperson of the Audit Committee, and a member of each of the Nomination Committee and the Remuneration Committee; and Yuan Fan has been appointed as an independent nonexecutive Director, chairperson of the Remuneration Committee, chairperson of the Nomination Committee, and a member of the Audit Committee.MOST KWAI CHUNG opened 2.96% lower today (6th) at HKD7.2, and once slumped 16.3% to a trough of HKD6.21. It last quoted at HKD6.92, down 6.74%, with turnover of 7.2554 million shares, involving HKD50.7248 million. (HK stocks quote is delayed for at least 15 mins.)