HK Stock Market Move | IFBH (06603) rises nearly 7% as Shu Yong becomes its first China CEO, previously worked at Weilong, Wahaha, and others.

IFBH (06603) rose nearly 7%, up 6.7% as of press time, at HK$4.3, with a turnover of HK$1.8608 million. On the news front, on the evening of October 14, IFBH issued an announcement announcing the appointment of Shu Yong as CEO of its wholly-owned subsidiary Chuangxing Food (Shanghai) Co., Ltd. for the Chinese mainland, effective from October 15, with a term ending on October 31, 2029. According to information, Shu Yong is a seasoned fast-moving consumer goods executive, with a career spanning a number of well-known companies including Weilong, Wahaha, Evergrande Spring, and Pinduoduo. It is reported that this is IFBH's first appointment of a professional manager in the Chinese market. IFBH's previously disclosed interim report showed that in the first half of this year, the company recorded revenue of US$50.395 million, a year-on-year decrease of 46.65%; profit attributable to owners of the parent company was US$4.582 million, a year-on-year decrease of 69.4%. The decrease in revenue was mainly attributable to a decline in coconut water sales.