Ling Ke, 64, had resigned due to health reasons, Shanghai-listed Gemdale announced on Monday evening, adding that he would be replaced by company president Huang Juncan.Chinese media outlet Yicai on Tuesday quoted a separate company statement as saying that Ling's resignation was a normal transfer of management responsibilities and would not have a big impact on the firm's operations.
The company's shares slid 9 per cent in the morning. Shares in mainland-listed Chinese companies are not suspended from trade until a move exceeds 10 per cent. "Investors are worried about Gemdale's financial condition as the resignation of its chairman was a surprise," she said.
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