china billionairelinked stocks plunge in shanghai
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

China billionaire-linked stocks plunge in Shanghai

Arab Today, arab today

Arab Today, arab today China billionaire-linked stocks plunge in Shanghai

Chinese billionaire Xiao Jianhua, founder of the Beijing
Shanghai - Arab Today

Stocks linked to missing Chinese billionaire Xiao Jianhua tumbled Friday as investors ignored a statement saying business at his vast empire was "normal" following reports of his abduction from Hong Kong by security agents.

Shanghai-listed companies controlled by Xiao's Tomorrow Holding dropped by their daily limits in the first trading day in China after the week-long Lunar New Year break.

Chemical company Baotou Tomorrow Technology Co., which already was at risk of being delisted due to poor profits, closed five percent lower, the maximum allowed for companies under such warnings, at 10.17 yuan ($1.48).

Sugar producer Baotou Huazi Industry plunged 10 percent, the daily limit for most companies, to end at 12.17 yuan, while cement manufacturer Xishui Strong Year Co. also plummeted 10 percent to 17.54 yuan.

However, a statement late Thursday said "production and operations of Tomorrow Holding Ltd and its related companies are all normal".

Financier Xiao was last seen at his apartment in Hong Kong's harbourfront Four Seasons hotel, according to reports in the city this week.

He was taken by mainland security agents last week, according to overseas Chinese-language media.

Hong Kong police said that Xiao had crossed the border into mainland China last Friday.

Three statements purportedly from Xiao -- a Canadian citizen -- denying he has been kidnapped have appeared on his company's WeChat account and on the front page of a Hong Kong newspaper since he went missing.

Xiao's case has sparked new fears that freedoms in Hong Kong, a semi-autonomous city with a separate legal system from the mainland, are under threat from Beijing.

It is against Hong Kong law for mainland agents to operate in the territory. 

Hong Kong leadership hopeful Carrie Lam -- former government number two and considered Beijing's favourite to become the next chief executive -- said she had "every confidence" in the city's law enforcement agencies when asked how she would ensure residents remain safe in the wake of the disappearance.

Speaking to reporters after an election rally, Lam said one of her prime duties was to safeguard the rule of law.  

There has been no direct response to the abduction reports by any senior Hong Kong government official. 

When asked about the Xiao incident at a regular briefing, Beijing's foreign ministry spokesman Lu Kang said he was "not aware" of the situation.

Hong Kong's South China Morning Post said Xiao, the founder of Beijing-based Tomorrow Group, is in the mainland "assisting investigations" into the China stock market turmoil of 2015.

His wife Zhou Hongwen is now running his businesses, it said Friday.

Shanghai's composite index collapsed almost 40 percent in just two months in the summer of 2015.

The plunge came after authorities helped inflate a bubble in the market by encouraging investment, but when it burst officials sought to pin blame on market manipulators.

It is unclear how Xiao is being linked to the crisis, but mainland investigators have targeted several investment executives on suspicion of insider trading since 2015.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china billionairelinked stocks plunge in shanghai china billionairelinked stocks plunge in shanghai

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china billionairelinked stocks plunge in shanghai china billionairelinked stocks plunge in shanghai

 



GMT 10:35 2017 Saturday ,06 May

Outlasts Moriya in match play sibling duel

GMT 18:43 2018 Thursday ,06 September

Open sit-in protest against demolition of Khan Al-Ahmar

GMT 20:33 2017 Saturday ,08 July

US, Russia agree on ceasefire in southwest Syria

GMT 20:56 2017 Monday ,13 February

Netanyahu opposes Palestinian state

GMT 07:04 2017 Thursday ,16 March

Ministry of Justice celebrates Women World Day

GMT 17:51 2017 Monday ,23 October

Bahrain temporarily frees female activist

GMT 10:33 2018 Wednesday ,03 January

Govt striving hard to eliminate polio, hepatitis: Saira

GMT 00:38 2016 Monday ,19 December

Sisi leaves for Uganda on brief visit

GMT 06:16 2016 Friday ,01 July

September 22 - October 22

GMT 19:07 2017 Thursday ,10 August

Wenger braced for knife-edge Arsenal season

GMT 09:59 2011 Tuesday ,19 July

Alexandra commits fashion crime

GMT 11:19 2016 Thursday ,24 November

South Africa declare on 259-9 in third Australia Test

GMT 19:07 2017 Monday ,01 May

Visual artists demand 'fair' share of sales
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday