Pou Sheng International, the big Chinese retail group owned by Pou Chen Corporation, announced the appointment of a new executive director and chief executive, Heh-Der Kwan, replacing Pan-Tsu Wu after only a few months in office. At the same time, Pou Sheng reported a net loss of US$28.0 million for the nine months ended June 30 against a profit of $47.0 million in the same period the year before. The company's consolidated revenues grew by 12 percent to $1,317 million, but operating earnings fell by 86 percent to $8.3 million. The results were affected by numerous charges as Pou Sheng adopted for the first time a number of new and revised standards issued by the Hong Kong Institute of Certified Public Accountants.