3 weeks ago
Stock Market

China Mobile Drops After Chairman Reshuffle

Investing.com – Shares in China Mobile (HK:00941) dropped 1.73% to HK$82.45 Monday morning after the company welcomed a new chairman. Yang

Investing.com – Shares in China Mobile (HK:00941) dropped 1.73% to HK$82.45 Monday morning after the company welcomed a new chairman.

Yang Jie, resigned as CEO of China Telecom (HK:00728) and took the post of China Mobile ‘s new chairman, the two companies announced Monday afternoon. Yang’s resignation took effect today.

China Telecom said Yang resigned from his positions as executive director, chairman and chief executive officer due to a “change in work arrangement”.

Meanwhile, China Mobile announced that Yang would replace Shang Bing, who resigned “by reason of age” effective Monday.

The news pushed down China Mobile’s share prices from nearly HK$84 last Friday. China Telecom shares rose 0.23% to HK$4.37 on Monday afternoon.