Quanjude shares surge on speculation

China Quanjude Group, the iconic restaurant chain renowned for its Peking roast duck, saw its shares hitting the maximum 10 percent rise on Monday, due to market speculation over whether the resignation of four top executives is related to its bidding for McDonald's Corp's licensing rights in China.

The Shenzhen-listed company said on Sunday that its chairman, general manager, board secretary and a board member had offered to resign.

But the company added Chairman Wang Zhiqiang and general manager Xing Ying will remain as board members after they quit. Board secretary Shi Bingfeng will continue serving as the deputy vice-general manager.