Sany Heavy Equipment International's (HKG:0631) chairman, Liang Zaizhong, resigned effective Oct. 31 while remaining as an executive director, a same-day Hong Kong bourse filing said.

Shares of the industrial equipment firm were down nearly 1% in Monday afternoon trading.

The firm, on the same day, named Zhou Fugui as its new chairman. Zhou joined the Sany Group in May 1994.