Guolian Securities (HKG:1456) said Chairman Ge Xiaobo has stepped down from the role, effective Aug. 8, due to work adjustments, according to a same-day Hong Kong bourse filing.

Ge will remain as chief executive officer and executive director.

The company named Gu Wei, its party secretary and director, as the new chairman, the filing said.

Shares of the securities and brokerage firm gained nearly 4% in Monday afternoon trade.