HK Stock Market Move | CR Holdings (01911) rebounds by over 24%, Bao Fan's wife, Xu Yanqing, appointed as director. The four executive directors promise not to sell their shares.

CR HOLDINGS (01911) rebounded by more than 24%, rising 20.66% to HK$2.57 as of the time of publication, with a trading volume of HK$12.79 million. On the news front, on September 6, CR HOLDINGS announced that the founder and chairman, Mrs. Xu Yanqing, had been appointed as a non-executive director of the company. It was reported that on February 16, 2023, the company announced that the board of directors had learned that they were temporarily unable to contact Mr. Bao Fan. In the same month, CR HOLDINGS again announced that Bao Fan was cooperating with relevant Chinese authorities' investigation. It is worth noting that Huaxing Capital announced that four executive directors, including Chairman Xie Yijing, Vice Chairman Lin Jiachang, and two Co-CEOs Wang Lixing and Du Yongbo, have pledged not to sell any company shares or equity from September 8, 2024, to March 7, 2025. In addition, the company's reissued annual report mentioned that in the fourth quarter of 2023, CR HOLDINGS received notification that it needed to pay a restricted amount of about RMB 77.669 million for expenses related to Bao Fan's cooperation with the investigation, which was included as "other receivables" in the financial statements, and the auditing firm issued a qualified opinion on this matter.