Ningbo Marine sees board turnover amid share volatility

Ningbo Marine (SSE:600798) is experiencing significant board changes alongside stock trading volatility. The company announced the resignations of Vice Chairman and Director Shen Baoxing, Supervisor Bao Lingxia, Director Jiang Hailiang, Director Yu Jiannan, and Director Huang Minhui, all citing work changes. These departures come as an affiliated party, Zhejiang Energy Fuel Group, plans to increase its stake by up to 2% within the next 12 months, a move aimed at boosting investor confidence. This announcement follows a period of stock price fluctuations, triggering a formal notice from the Shanghai Stock Exchange, as the company's share price rose more than 20% between April 9th and April 11th. Ningbo Marine has cautioned investors regarding potential risks in the secondary market, citing an earlier profit warning for 2024 with an expected net profit between CNY1.76 million and CNY2.64 million. The company is moving to fill the vacancies.