Shares of Hong Kong's New World Development surged following the resignation of Adrian Cheng, a member of the founding family.
The company said in a statement that it halted trading on Thursday "pending the release of announcements" following the departure of Cheng, who will be devoting more time to "public services and other personal commitments."
In his stead, Chief Operating Officer Eric Ma Siu-Cheung has been appointed as the new CEO, the company announced, marking a rare move for an outsider to lead the family business in Hong Kong.
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