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In a stunning twist, DouYu International Holdings Limited's (NASDAQ:DOYU) CEO Chen Shaojie has gone missing amid an anti-corruption crackdown of top executives, casting a shadow over the tech titan's future.
According to a news report by CNN, Chen has been missing for nearly three weeks, raising concerns about his whereabouts and the reasons behind his sudden absence.
DouYu, which debuted on the Nasdaq in 2019 and is known for its live-streaming services similar to those provided by Amazon's Twitch, reassured CNN that its business operations will continue as usual despite the CEO's unexplained disappearance.
China's Ongoing Anti-Corruption Campaign
Chen's case is not isolated in China's ongoing anti-corruption efforts. Recently, Zhang Hongli, a former executive of the Industrial And Commercial Bank Of China Ltd. (OTC:IDCBF), and Bao Fan, a prominent investment banker, were subjects of the Chinese government's anti-corruption investigations.
In May, it was reported by Chinese state media that, since his disappearance in February, Bao had been held by the country's anti-corruption agency, CNN noted.
These moves are part of a broader crackdown that has seen over a dozen senior executives from key financial institutions under the scanner.
Widespread Impact Across Industries
This pattern of investigations and detentions is not confined to the tech and finance sectors alone.
Other industries, including real estate, have witnessed similar actions.
Xu Jiayin, chairman of the Evergrande Group, a major Chinese developer, was also taken into custody, as reported by a company filing to the Hong Kong stock exchange, the CNN report read.
These developments underscore the Chinese government's stringent approach to rooting out corruption within its major economic sectors, impacting both the domestic and international business landscapes.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock
