Brilliance Chi (01114) is now up nearly 6%, as of the press release, up 5.65% to HKD 2.99, with a turnover of 74.5925 million HKD.
According to the Wise Finance APP, Brilliance Chi (01114) is now up nearly 6%, as of the press release, up 5.65% to HKD 2.99, with a turnover of 74.5925 million HKD.
On the news front, Brilliance Chi issued an announcement that Mr. Zhang Yue, an executive director and CEO of the company, has been appointed as the chairman of the board of directors; and authorized representative; and Mr. Zhang Wei, an executive director, has been appointed as a member of the board of directors' subsidiary company executives appointment committee effective from November 4, 2024.
Credit Suisse's report stated that after the former chairman resigned on September 11, Brilliance's stock price fluctuated significantly. The bank believes the appointment of the new chairman will to some extent stabilize the market's expectations for Brilliance's business. Credit Suisse stated that although it is not yet clear about the timetable for further dividends, considering the net cash per share of about 2.1 yuan, of which 1.8 yuan may be distributed to shareholders, and the recent recovery in BMW auto sales in China, the bank believes that the risk-return ratio of Brilliance seems attractive. On the other hand, the market should closely monitor any new measures by the new chairman after taking office.