Nan Fang Du Shi Bao·2025-10-13 23:17Core Viewpoint - Vanke's stock price experienced a significant decline following the announcement of a major personnel change, with the resignation of Chairman Xin Jie, raising concerns about the company's future stability and financial support from its major shareholder, Shenzhen Metro Group [1][2][4]. Group 1: Personnel Changes - On October 12, Vanke's board received a resignation letter from Chairman Xin Jie, effective immediately, with no disagreements noted between him and the board [2]. - Huang Liping was elected as the new Chairman, bringing familiarity with the company due to his previous roles, which is expected to aid in continuity and stability [2][3]. Group 2: Financial Context - Xin Jie, who served as Vanke's Chairman for only nine months, had a tax-preferred salary of 0 yuan in 2024 due to not being a full-time employee [3]. - Shenzhen Metro Group, as a major shareholder, has provided nearly 26 billion yuan in financial support to Vanke over nine instances, but reported a loss of 33.4 billion yuan in 2024, marking its first loss in a decade [3][4]. Group 3: Market Reaction - Following the announcement, Vanke's stock on the Hong Kong market opened down 4.61% and closed at 4.96 HKD per share, a decline of 4.8%, while the A-share market saw a drop of 2.67%, closing at 6.57 yuan per share [1]. - As of October 13, Vanke A's total market capitalization was 78.385 billion yuan, reflecting a decline of over 20% in the past year [5].