MENGNIU DAIRY (02319.HK) announced that Chen Lang had replaced Yu Xubo as the Chairman from 29 April. More positively, Chen has involvement in consumer-related units for a long time, with forward-looking vision on the China consumption market.

As the top pick for Chinese consumer staple sector, MENGNIU DAIRY was kept Buy at a $35.66 target. The company's 2019 core earnings growth will likely accelerate to 25%.