Esprit bounced to HK$50.10 after it said Chew Fook Aun will fill the CFO position, left vacant by John Poon Cho- ming, next year, but analysts said the rally is unlikely to be sustained.
Lar Radoor Sorensen, who most recently served Adidas as senior vice president, was named chief operating officer.
"The appoinments are certainly good news but they should not be strong enough to lift the share price so high," said an analyst at China Merchants Securities (Hong Kong).
The analyst said Poon left the company four months ago and attributed the lack of glitches since then to Esprit having an accounting system of an international standard.
"I don't think the appointments themselves mean the shares should be suddenly worth a lot more," said an analyst at an European brokerage firm, adding that the share price rise is "overdone" relative to the business conditions Esprit faces in Europe.
Chew, currently executive director and CFO at Link Management, the manager of Link REIT (0823), tendered his resignation on November 27. In filings with the Hong Kong stock exchange, Link said Chew will continue to serve for up to six months to assist in the transition.
