Phoenix Media shares soar by the most in at least a decade amid report of reshuffling and China’s management takeover

(South China Morning Post)

• Phoenix shares jumped by 31.5 per cent to 71 Hong Kong cents in Hong Kong, outpacing the 1.9 per cent advance in the benchmark Hang Seng Index, with the trading volume jumping to more than 10 times its 20-day average
• Stoking the speculation was a report by the Chinese-language newspaper HK01 that founder Liu Changle would be replaced by a new management hand-picked by the Chinese government in Beijing