Business
New World Development Shares Skyrocket Following CEO Replacement: A Glimpse of Revamp Amidst Rising Debts and Market Downturns
The stock of New World Development saw a significant increase upon the reopening of trading, subsequent to the replacement of their CEO, Adrian Cheng. This comes as the real estate developer is looking for a makeover.
New World Department Store China (NWDS), a retail division of NWD operating in mainland China, saw a significant rise of 53 per cent to HK$0.38. The company's shares were also put on hold on Thursday. Meanwhile, the Hang Seng Index increased by 3.6 per cent on Friday.
NWD has been struggling with increasing debt and declining profits over the past few years, primarily due to a slump in the property market in Hong Kong and mainland China. The company's stocks have fallen by 18 per cent this year, marking the fourth consecutive year of losses.
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.