HK-listed hot-pot chain Xiabuxiabu removes CEO, shares at near 8-month low

Reuters2021-05-21

** Shares of China's hot-pot restaurants chain operator Xiabuxiabu Catering Management (China) Holdings Co Ltd fall as much as 11.9% to HK$10.36, their lowest since Oct 8, 2020

** Stock on course for a second session of losses, and on track for the worst day since April 19

** Xiabuxiabu stock is 10th-biggest percentage decliner on the Hong Kong bourse

** The Beijing-based co says Chief Executive Officer Zhao Yi has been removed from office, with effect from May 20, as the performance of certain sub-brands of the group did not meet expectations

** Says removal of Zhao will not have any significant adverse effect on the group's operations

** Says Chairman Ho Kuang-Chi has been appointed as the CEO, with effect from May 20

** The Hong Kong Hang Seng consumer goods and services index gains 0.7%

** The Hang Seng China enterprises index climbs 0.4%, while the benchmark index slips 0.3%

** As of last close, stock down 33.5% this year

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