Shares of China Rongsheng and Glorious Property fall after chairman Zhang Zhirong quits

Shares of China Rongsheng Heavy Industries and Glorious Property fell sharply yesterday after their chairman, Zhang Zhirong, quit.

Zhang's resignation fuelled investors' concerns about the firms' operations and financial condition.

Shipbuilder Rongsheng fell as much as 9.3 per cent before closing 6.7 per cent lower on the day at HK$1.40 after the company announced the departure of Zhang and his vice-chairman father, Zhang Dehuang.

Glorious Property fell as much as 5.6 per cent but closed with a loss of 3.2 per cent at HK$1.20.

via Business feed http://www.scmp.com/business/china-business/article/1092538/shares-china-rongsheng-and-glorious-property-fall-after