July 12, 2012

China Yurun Group's shares drop as founder quits

The shares of Hong Kong-listed China Yurun Food Group Ltd fell almost 10% to close at HKD6.39 (US$0.82) on Monday (July 9) after the company's founder had resigned as chairman, according to Global Times.

The Chinese pork producer said in a statement to the Hong Kong Stock Exchange Friday that its founder, Zhu Yicai, had resigned as chairman because of commitments to serving the community and other personal investments that required more of his attention.

The resignation announcement came just days after Yurun dismissed recent rumours alleging capital misappropriation, analysts say, the newspaper reported.