{"id":10671,"date":"2023-11-07T14:55:04","date_gmt":"2023-11-07T14:55:04","guid":{"rendered":"https:\/\/infundpros.com\/business\/yet-another-ceo-goes-awol-in-china\/"},"modified":"2023-11-07T14:55:05","modified_gmt":"2023-11-07T14:55:05","slug":"yet-another-ceo-goes-awol-in-china","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10671","title":{"rendered":"Yet another CEO goes AWOL in China"},"content":{"rendered":"
\n

\n Editor\u2019s Note: Sign up for CNN\u2019s Meanwhile in China newsletter which explores what you need to know about the country\u2019s rise and how it impacts the world.\n<\/p>\n<\/p>\n

\n The CEO of a Chinese live-streaming service backed by Tencent <\/strong>has become the latest high-flying executive to fall mysteriously silent in the world\u2019s second largest economy.\n <\/p>\n

\n According to a Monday report from\u00a0the Cover News, a state-owned media outlet, DouYu (DOYU) CEO Chen Shaojie has been unreachable in recent days. It also cited unconfirmed reports that Chen was being investigated and had been missing for nearly three weeks.\n <\/p>\n

\n The outlet did not say which authorities may be behind the investigation, and DouYu did not immediately respond to a CNN request for comment.\n <\/p>\n

\n The 39-year-old CEO made his last public appearance in August, when he spoke on <\/strong>the company\u2019s quarterly earnings conference call with financial analysts, the report said.\n <\/p>\n

\n DouYu listed on the Nasdaq in 2019, where it raised about $775 million in one of the largest share offerings by a Chinese company on Wall Street that year.\n <\/p>\n

\n DouYu, which translates to \u201cfighting fish\u201d in Chinese, is often compared to Amazon\u2019s\u00a0Twitch service. It hosts interactive live-streams of video games on its desktop and mobile apps while letting users chat in real time and inviting them to watch other content created for its platform.\n <\/p>\n

\n Chen\u2019s unexplained absence comes as China continues an anti-corruption crackdown that has ensnared top executives, particularly in the finance and tech sectors.\n <\/p>\n

\n In a brief\u00a0statement\u00a0on Saturday, China\u2019s top anti-corruption watchdog said it was investigating Zhang Hongli, a former senior executive at Industrial and Commercial Bank of China (ICBC), one of China\u2019s \u201cBig Four\u201d lenders.\n <\/p>\n

\n Zhang was \u201csuspected of seriously violating rules and laws,\u201d a phrase that is commonly used to refer to corruption, the Central Commission for Discipline Inspection said, without giving any further details.\n <\/p>\n

\n Bao Fan, a star investment banker and tech dealmaker, was also caught up in the sweep. In May, Chinese state media\u00a0reported\u00a0that Bao had been in the custody of the anti-graft agency\u00a0<\/strong>since his disappearance in February.\n <\/p>\n

\n So far this year, the commission has already investigated more than a dozen senior executives at the country\u2019s most important financial institutions, according to a previous\u00a0CNN analysis\u00a0of statements posted on\u00a0the CCDI\u2019s website.\n <\/p>\n

\n Other industries haven\u2019t escaped. Xu Jiayin, once one of China\u2019s richest men and the chairman of embattled Chinese developer\u00a0Evergrande Group, was taken away by the police, according to a company filing to the Hong Kong stock exchange in September. <\/strong>\n <\/p>\n

\n The company said it had been notified by the \u201crelevant authorities\u201d that he had been subject to \u201cmandatory measures in accordance with the law due to suspicion of \u2026 crimes.\u201d Under the Chinese legal system \u201cmandatory\u201d or \u201ccompulsory\u201d measures can include detention and formal arrest.\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Editor\u2019s Note: Sign up for CNN\u2019s Meanwhile in China newsletter which explores what you need to know about the country\u2019s rise and…<\/p>\n","protected":false},"author":1,"featured_media":10672,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-10671","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nYet another CEO goes AWOL in China | inFundPros<\/title>\n<meta name=\"description\" content=\"Editor\u2019s Note: Sign up for CNN\u2019s Meanwhile in China newsletter which explores what you need to know about the country\u2019s rise and how it impacts the world.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=10671\" \/>\n<meta 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