- December 20, 2021
- Posted by: Stratford Team
- Category: Business
SHANGHAI, Dec 20 (Reuters) – Shares of Chinese companies controlled by Zhongzhi Enterprise Group founder Xie Zhikun plunged on Monday, after the surprise death of the rags-to-riches tycoon triggered fears of disorder in a business empire spanning mining to asset management.
All nine listed companies controlled by Xie, 61, including education firm Dalian My Gym Education Technology Co Ltd (002621.SZ) and Xinjiang Zhundong Petroleum Technology Co (002207.SZ), tumbled in morning trade, even as they say business activities are normal.
“Investors fear Xie’s death could lead to internal power struggles and management chaos, so they are dumping stocks,” said Yang Hongxun, an analyst at investment consultancy Shandong Shenguang.
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