The technology company, Q&K International Group Limited (NASDAQ:QK), which is best known for operating a long term apartment rental service in China, saw its stock take a bit of a pounding in the markets yesterday. The stock slumped by as much as 15.50% as investors headed for the exits in a big way.
Although the decline recorded by the stock was considerable, investors could perhaps take solace in the fact that there was no news about the company yesterday. As a matter of fact, there has been no news about Q&K International Group for many months and the last time when any news emerged about the company was back in January this year.
At the time, the company announced that it had made changes to its senior management personnel and also to the team of directors as well as shareholders. Q&K International Group announced that Guangjie Jin resigned from his positions as the Chief Executive Officer, chairman, chairman of the board, director, chairman of nominating and corporate governance committee and member of the compensation committee. It went into effect on January 28, 2001. There were several other resignations as well. It was a significant shake up but it is still not clear whether the selloff yesterday was triggered by those events.
