(Yicai Global) June 17 -- Shares in Chinese daily-use chemicals maker Jahwa United hit the 10 percent up limit today after recently appointed Chief Executive and Chairman Pan Qiusheng revealed his digital-focused growth plans at his first public appearance.

Its stock [SHA:600315] reached the maximum CNY47.03 (USD6.63) within 10 minutes of trading and after a slight blip was still there when the market closed for lunch.

Pan, who was appointed CEO in April, plans to trim the company’s portfolio of brands and make a shift toward online sales, he said at the Shanghai-based firm’s annual shareholders meeting yesterday, where he was also elected chairman. Pan will make no major changes to Jahwa’s organizational structure, he added.

Jahwa’s share price was just CNY27.80 when Pan took up his post on April 22 and has shot up since. While declining to comment on the short-term burst, Pan told shareholders he is optimistic about the market Jahwa operates in and how it can tap that potential.

“A firm’s improvement does not depend on just one person,” he said. “Jahwa’s core business is to create value for customers.”

The current market environment makes clear that e-commerce is the way forward, Pan added, saying Jahwa will enhance its brands’ online sales channels and consolidate offline sales to form a New Retail strategy. He plans to target fast-growing high-margin goods.

Jahwa runs 10 brands covering three major business areas: cosmetics, personal care and household cleaning. Some of its better known labels in China include Liushen, Herborist and Maxam. Pan plans to reduce the number of brands it operates over the medium- and long-term, after clearing up issues with inventory.

The company also added pharmaceutical wholesale and retail and medical device sales to its business scope on June 5.

Pan is former general manager of China and Asia-Pacific at L’Oreal’s Consumer Product Division, where he helped the firm transform its sales channels and generate more online business. He also served as global vice president and China general manager for Mattel until he took up the post at Jahwa, and put up Mattel’s best annual numbers in the past half-decade during his one-year stint there.

Editor: James Boynton