Seven Elements Investment (HKG:1660) said Meng Zhaoyi has resigned as chairman of the board, effective Aug. 28, to dedicate more time to other business commitments.

The company appointed Ip Yik Nam as its new chairman, effective the same date, according to a Friday Hong Kong bourse filing. Ip also stepped down as the company's chief compliance officer.

Shares of the company fell nearly 3% in Monday's trade.