For quite some time now, one or the other billionaire from China is either missing or getting arrested. The domestic government has cracked a whip on corruption throughout the country. As a result, there has been a big list of executives who were already arrested by the establishment throughout the nation. The recent one to miss was Zhou Chengjian, the chairman of Metersbonwe, which is an established fashion brand in the second biggest economy if the world.
Suspended Its Shares
The Financial Times reported that Metersbonewe suspended its shares on Thursday on the Shenzhen stock exchange. Also, the report suggested that the company would inquire into the media reports that the domestic Police was taken into custody its Chairman, Chengjian, as he was not seen around for some time. The company also issued a second statement indicating that it failed to reach its Chairman or the board secretary, Tu Ke. The company was not able to provide any more details.
The country has already been witnessing a free fall in the stock market. The stock exchange was forced to shut down, at least, two days in the current week alone. Also, there was the lack of economic data to stimulate any fresh interest in the economic activities in China. On top of this, executives missing will add to the woes of market sentiments.
Net Worth Growth
Zhou Chengjian was a tailor previously and was said to have utilized his skills to become a multi-billion dollar business man in the country. Currently, his net worth has reached a whopping $2.4 billion. He unveiled the brand, Metersbonwe throughout the nation. In 2008, the company went with its IPO on the Shenzhen Stock Exchange. He is now one of the richest personalities in country.
Chengjian was also one of the high-profile executives after the stock market crash in China. Until now, the media reported that about 36 companies’ executives were either missing or arrested between January and September. The note missing person included the State-owned telecom firm, China Telecom’s CEO, Chang Xiaobing, and he resigned at the end of the last year following the reports that he was missing.
