“The Gate of Power” came to an end. Urban development opened on Thursday and rose by more than 3%.

As the family internal strife came to an end, the share price of Urban Development (CDL) opened on Thursday (March 13) and rose 3.03% to 5.09 yuan. The closing price of the previous trading day was 4.94 yuan.

The group's stock price increase continued to expand and led the rise in the Haixi Index constituent stocks.

Urban Development Executive Chairman Guo Lingming decided to terminate the legal actions against his eldest son and group executive chairman Guo Yizhi on Wednesday evening (12th). “I have decided to terminate the legal action taken against the board's resolution of February 7,” he said in a statement.

Guo Lingming issued this statement on behalf of the board of directors. He also said that he would continue to serve as the group's executive chairman, and Guo Yizhi would continue to serve as president, and all existing directors, including two new directors, will also remain.

Urban Development announced its results on February 26, and its net profit fell by 54.7% in the second half of last year. The group then broke out in the family's “power seizure” and announced the suspension of transactions.

Further reading

Father Guo Lingming terminates legal action, Guo Yizhi, president of Urban Development: No comments

Expert: The speed of reconciliation of urban development “grabbing power” is surprising and the best result

The group later announced the lifting of the suspension before the market opened on March 3, but the stock price once reached 4.76 yuan, the lowest level since 2009.