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An unexpected phenomenon is sweeping China's Growth Enterprise Market, as the Nasdaq-style board approaches its one year anniversary. A wave of senior executives are resigning from their posts.
This year alone, 43 senior executives from 33 listed firms on the Growth Enterprise Board resigned from their positions.
They range from board director and supervisor to General Manager, Vice General Manager and Board Secretary, and even a firm's founder.
Shao Yongliang, Chief Researcher of China Listed Company Market Research Center said "Figures show that over 40 senior executives announced their resignation. There is another way to resign that is more discreet. They left positions by being replaced by someone who was elected. So it is difficult to figure out how many executives have left their positions."
The reasons they gave were far from convincing. Some said it was health concerns, some were about family and some just said it wasn't convenient to attend board meetings.
China lauched the GEM board on October 30th last year as a means fo finance companies with growth perspectives. So far, 118 companies have been listed.