Another CEO Vanishes Without a Trace in China
The CEO of a prominent Chinese live-streaming service, supported by tech giant Tencent, has vanished unexpectedly, adding to the growing list of high-profile executives disappearing under puzzling circumstances in China's thriving economy
Sign up for CNN's Meanwhile in China newsletter to stay updated on the country's ascent and its global implications. In the world's second largest economy, the CEO of a Chinese live-streaming platform, supported by Tencent, has recently gone unexpectedly quiet, joining the growing list of top executives facing a similar fate.
DouYu CEO Chen Shaojie has been unavailable in recent days, as reported by the state-owned media outlet, Cover News, on Monday. There are unconfirmed reports suggesting that Chen is being investigated and has been missing for almost three weeks. It is unclear which authorities are conducting the investigation, and DouYu has yet to respond to CNN's request for comment.
The CEO, aged 39, made his final public appearance in August during the company's quarterly earnings conference call with financial analysts, according to the report.
In 2019, DouYu went public on the Nasdaq and successfully raised approximately $775 million, making it one of the biggest share offerings by a Chinese company on Wall Street that year.
DouYu, meaning "fighting fish" in Chinese, is frequently likened to Twitch, a service provided by Amazons. The platform enables users to engage in interactive live-streams of video games through its desktop and mobile applications, allowing them to chat in real-time and explore additional content created specifically for DouYu.
Chen's sudden absence remains unexplained, occurring amidst China's ongoing efforts to combat corruption, which have notably affected high-ranking executives, particularly in the finance and technology industries.
China's leading anti-corruption agency, the Central Commission for Discipline Inspection, announced on Saturday that it is currently investigating Zhang Hongli, a former high-ranking executive of Industrial and Commercial Bank of China (ICBC), one of China's prominent financial institutions. The investigation stems from Zhang's alleged involvement in serious rule and law violations, a term commonly associated with corrupt practices. However, no additional information was provided by the commission.
Star investment banker and tech dealmaker Bao Fan has also been implicated in the crackdown. Since his disappearance in February, Chinese state media revealed in May that Bao has been detained by the anti-graft agency. According to a CNN analysis of statements published on the CCDI's website, the commission has already probed over a dozen top executives from the nation's leading financial institutions this year.
Other sectors have also been affected. Xu Jiayin, formerly one of China's wealthiest individuals and the chairman of troubled Chinese real estate firm Evergrande Group, was apprehended by the authorities, as disclosed in a company report submitted to the Hong Kong stock exchange in September.
The company received notification from the "relevant authorities" indicating that Xu Jiayin was placed under "mandatory measures in accordance with the law" due to suspicions of committing crimes. In the Chinese legal framework, these "mandatory" or "compulsory" measures can entail detention and formal arrest.
Juliana Liu contributed to this report.
