Temasek bought into Yurun at HK23.88 in April 2010. See price below on current performance. Another home run?
http://in.reuters.com/article/2012/07/09/us-yurun-stocks-idINBRE86801K20120709
Shares of China Yurun Food Group Ltd (1068.HK) plunged more than 9 percent on Monday after the meat processor's founder resigned as chairman, the latest Chinese company to see a management reshuffle amid increasing economic uncertainty.
China's consumer-facing companies are grappling with an economic slowdown that has hit demand and resulted in a series of profit warnings and share price slides in recent months.
Yurun, which competes with Henan Shuanghui Investment & Development Co Ltd 000895.SZ, Tangrenshen Group Co Ltd 002567.SZ and New Hope Liuhe Co Ltd 000876.SZ, said over the weekend that founder Zhu Yicai had resigned because of personal commitments that required more of his attention.
The news came just days after the company dismissed as untrue "recent rumors alleging certain accounting misstatements". It did not specify the source of the allegations.
"The resignation suggests that the chairman himself does not have full confidence in the company, and that further dampened investors' confidence," said Alex Wong, a director at Ample Finance Group. "For Yurun, there is nothing much the company can do for the time being to fuel investor interest when its prospects still look very unclear."
The stock, which has dropped 36 percent so far this year, fell more than 9.6 percent to HK$6.38, the lowest since October 2008 and lagging a 1.4 percent drop in the benchmark Hang Seng Index .HSI.
"The resignation has added uncertainty over the longer term direction of the company," said Steven Leung, a director from UOB Kay Hian.
China Yurun Food said Zhu would become honorary chairman and a senior adviser. Chief Executive Yu Zhangli has been appointed as chairman, and Vice-President Li Shibao will replace Yu as chief executive.
The reshuffle comes just days after the country's best-known sportswear group, Li Ning Co Ltd (2331.HK), whose share price has halved in recent months, replaced its chief executive and said it would focus more on its business in China.
http://in.reuters.com/article/2012/07/09/us-yurun-stocks-idINBRE86801K20120709
Shares of China Yurun Food Group Ltd (1068.HK) plunged more than 9 percent on Monday after the meat processor's founder resigned as chairman, the latest Chinese company to see a management reshuffle amid increasing economic uncertainty.
China's consumer-facing companies are grappling with an economic slowdown that has hit demand and resulted in a series of profit warnings and share price slides in recent months.
Yurun, which competes with Henan Shuanghui Investment & Development Co Ltd 000895.SZ, Tangrenshen Group Co Ltd 002567.SZ and New Hope Liuhe Co Ltd 000876.SZ, said over the weekend that founder Zhu Yicai had resigned because of personal commitments that required more of his attention.
The news came just days after the company dismissed as untrue "recent rumors alleging certain accounting misstatements". It did not specify the source of the allegations.
"The resignation suggests that the chairman himself does not have full confidence in the company, and that further dampened investors' confidence," said Alex Wong, a director at Ample Finance Group. "For Yurun, there is nothing much the company can do for the time being to fuel investor interest when its prospects still look very unclear."
The stock, which has dropped 36 percent so far this year, fell more than 9.6 percent to HK$6.38, the lowest since October 2008 and lagging a 1.4 percent drop in the benchmark Hang Seng Index .HSI.
"The resignation has added uncertainty over the longer term direction of the company," said Steven Leung, a director from UOB Kay Hian.
China Yurun Food said Zhu would become honorary chairman and a senior adviser. Chief Executive Yu Zhangli has been appointed as chairman, and Vice-President Li Shibao will replace Yu as chief executive.
The reshuffle comes just days after the country's best-known sportswear group, Li Ning Co Ltd (2331.HK), whose share price has halved in recent months, replaced its chief executive and said it would focus more on its business in China.