Changes in Hong Kong stocks | Quanfeng Holdings (02285) surged more than 20% in volume and appointed former Chuangke Industrial executive Joseph Galli Jr. As CEO

The Zhitong Finance App learned that the volume of Quanfeng Holdings (02285) surged by more than 20%. As of press release, it had risen 22.2% to HK$24.4, with a turnover of HK$201 million.

According to the news, on the evening of September 10, Quanfeng Holdings announced that Joseph Galli Jr. He has been appointed as Chief Executive Officer with effect from September 10. On the effective date, Pan Longquan, founder of the company, will no longer serve as CEO, but will continue to serve as Executive Director and Chairman. Galli was the CEO of Chuangke Electric and was the CEO and Executive Director of Chuangke Industrial from February 2008 to May 2024. He was responsible for leading the management team to carry out daily operations, integrate acquisitions, and enhance the global sales potential of the Milwaukee and Ryobi brands.

In the first half of this year, Quanfeng Holdings achieved revenue of about US$1,029 million, an increase of 12.8% over the previous year; gross margin increased from 33.3% to 39.3%. Profit for the period was approximately US$106 million, up 11.6% year on year; adjusted net profit was approximately US$106 million, up 39.9% year on year. Huatai Securities believes that this is mainly due to the steady increase in revenue of its own brands, the rapid development of the EGO brand, increasing comprehensive gross margin and tariff rebates. As the world's leading power tool+lithium battery OPE brand, the company is deeply competitive in the middle and high-end lithium battery OPE field.