"Major Banks" Citigroup: Wang Tianjiong, son of the founder of SUNNY OPTICAL, appointed as the new chairman, expected smooth handover with limited impact on operations

SUNNY OPTICAL (02382.HK) opened 0.8% higher this morning but then turned down, currently falling 4.5% to HKD 77.25. The company announced that Ye Lianong has resigned as chairman, executive director, and chairman of the Strategy and Development Committee, while Wang Tanjiong has been appointed as chairman, transitioned from non-executive director to executive director, and resigned from the nomination committee member to be appointed as chairman of the Strategy and Development Committee, effective November 1.

Wang Tanjiong is the son of one of the founders and former chairman Wang Wenjian. Ye Lianong resigned due to reaching retirement age next year but will continue to serve as a board advisor.

Citigroup issued a report stating that Wang Tanjiong has been with the group since 1996 and has extensive experience in operations management, strategic planning, capital markets, and financial management. The bank believes that this transition is smooth, has limited impact on the company's operations, and is seen as the company opening a new chapter, beneficial for achieving medium to long-term goals