New | Lianhua Gourmet cancels nomination of China President Xi’s cousin as independent director
Company hits daily limit up of almost 10 pc in Shanghai after Tuesday’s nomination
Henan Lianhua Gourmet Powder, a company based in China’s Henan province whose main product is cooking seasoning, said they decided to cancel the nomination of Xi Yinping, a cousin of China’s President, as an independent director, a filing at the Shanghai Stock Exchange said late on Wednesday.
Lianhua Gourmet Powder beat the daily upward limit by shooting up 9.99 per cent to 8.59 yuan as soon as market opened in Shanghai.
The company did not give a reason for cancelling the nomination of President Xi’s cousin.
The company announced on Tuesday night it had nominated Xi Yinping as a candidate for independent director.
According to a biography published by the company in its Tuesday filing, Xi Yinping has been acting as the vice chairman of the Shan’xi Xi Zhongxun research society since 2014.
Xi Zhongxun, the father of President Xi Jinping, has held high-ranking positions in the Communist Party, including that of propaganda minister.