China“s Zhejiang Glass Co Ltd announced on 21 June 2004 the appointment of the wife and daughter of Chairman and controlling shareholder Feng Guangcheng to its board of directors.
Zhejiang Glass sai…
China“s Zhejiang Glass Co Ltd announced on 21 June 2004 the appointment of the wife and daughter of Chairman and controlling shareholder Feng Guangcheng to its board of directors. Zhejiang Glass said in a statement, released in Hong Kong, that the appointments followed the retirement of two executive directors. Shares of Zhejiang Glass were down 3.23% in morning trading on 21 June 2004 at HKD 1.50 and were down 53% in the three months to close of trading on 18 June 2004. The stock plummeted nearly 70% to a day low of HKD 0.55 on 18 June 2004 before closing at HKD 1.55, down 14% amid panic selling of privately-held Chinese stocks in Hong Kong, provoked by corporate governance concerns. The appointments mean the Zhejiang Glass board has five executive directors, including the chairman“s nephew and brother in-law Xu. Feng controls a stake of more than 66% in the company.