HK Stock Market Move | BRILLIANCE CHI (01114) has now risen by nearly 6%. Appointed Zhang Yue as chairman of the board, Morgan Stanley said it will help improve market sentiment.

BRILLIANCE CHI (01114) is up nearly 6%, as of the time of writing, up 5.65% to HK$2.99, with a turnover of HK$74.59 million. On the news front, BRILLIANCE CHI issued an announcement that Mr. Zhang Yue, the Executive Director and CEO, has been appointed as the Chairman of the Board of Directors, authorized representative, and Mr. Zhang Wei, the Executive Director, has been appointed as a member of the Executive Committee for the appointment of senior executives of the subsidiary companies under the board of directors, effective as of November 4, 2024. Morgan Stanley released a report stating that since the former chairman resigned on September 11, the stock price of Brilliance has fluctuated significantly. The bank believes that the appointment of the new chairman will to some extent stabilize the market's expectations for Brilliance's business. Morgan Stanley stated that although it is currently unclear about the timetable for further dividends, considering the net cash per share of approximately HK$2.1, of which HK$1.8 can potentially be distributed to shareholders, and with the recent increase in BMW's sales in China in the past few months, the bank believes that the risk-return of Brilliance seems attractive. On the other hand, the market should closely monitor new measures implemented by the new chairman after taking office.