Morgan Stanley: Resignation of Chairman of BRILLIANCE CHI (01114) and no appointment of new chairman, increasing uncertainty for future development.

Morgan Stanley released a research report stating that BRILLIANCE CHI (01114) announced that Wu Xiaoan has resigned as an executive director, chairman of the board, nomination committee of the board, remuneration committee, and member of the executive management appointment committee due to other affairs. The bank stated that considering Wu Xiaoan's resignation as chairman at the age of 62, it is not entirely abnormal, but this senior management change does indeed increase uncertainty about the company's future development, such as the significant increase in cash return (HK$7.72 per share) in the past 2 to 3 years. The bank believes that BRILLIANCE CHI's cash balance per share is approximately HK$2.2, and it is expected to bring dividends and returns from the joint venture with BMW, providing support for the downside. The report mentions that the appointment of a new chairman of the board at BRILLIANCE CHI has not been announced yet, any new investment plans of the new management team, and potential changes in shareholder return policies are worth paying attention to.