In a surprising twist, DouYu Worldwide Holdings Restricted’s DOYU CEO Chen Shaojie has gone lacking amid an anti-corruption crackdown of high executives, casting a shadow over the tech titan’s future.
Based on a news report by CNN, Chen has been lacking for almost three weeks, elevating considerations about his whereabouts and the explanations behind his sudden absence.
DouYu, which debuted on the Nasdaq in 2019 and is understood for its live-streaming companies just like these supplied by Amazon‘s Twitch, reassured CNN that its enterprise operations will proceed as normal regardless of the CEO’s unexplained disappearance.
China’s Ongoing Anti-Corruption Marketing campaign
Chen’s case will not be remoted in China’s ongoing anti-corruption efforts. Just lately, Zhang Hongli, a former govt of the Industrial And Industrial Financial institution Of China Ltd. IDCBF, and Bao Fan, a outstanding funding banker, have been topics of the Chinese language authorities’s anti-corruption investigations.
In Might, it was reported by Chinese language state media that, since his disappearance in February, Bao had been held by the nation’s anti-corruption company, CNN famous.
These strikes are a part of a broader crackdown that has seen over a dozen senior executives from key monetary establishments underneath the scanner.
Widespread Affect Throughout Industries
This sample of investigations and detentions will not be confined to the tech and finance sectors alone.
Different industries, together with actual property, have witnessed related actions.
Xu Jiayin, chairman of the Evergrande Group, a significant Chinese language developer, was additionally taken into custody, as reported by an organization submitting to the Hong Kong inventory trade, the CNN report learn.
These developments underscore the Chinese language authorities’s stringent method to rooting out corruption inside its main financial sectors, impacting each the home and worldwide enterprise landscapes.
This content material was partially produced with the assistance of AI instruments and was reviewed and revealed by Benzinga editors.