Chinese live streaming platform DouYu announced that Chen Shaoji, chairman of the board of directors and CEO, was arrested by Chengdu police around the 16th of this month.The news pulls down DouYuUS stocksIt fell by more than 10% before the market opened.
The company said it had not received any formal notice of Chen Shaojie’s investigation or the apparent reasons for his arrest. The company could not comment on the nature or expected timeline of any subsequent legal proceedings.
The continued detention of Chen Shaojie and any subsequent legal proceedings and enforcement actions against related parties could have an adverse impact on the Company’s reputation, business and results of operations.
The paper recently quoted multiple sources to report that Chen Shaojie has recently lost contact with them, and Douyu has confirmed that Chen Shaojie has lost contact.
News of Chen Shaojie’s missing contact has spread online on a small scale over the past few weeks, the report said. Self-media “Xiaoyao”investThe “Notes” stated that in early November, rumors were received that DouyuceoChen Shaojie was investigated and lost contact for about three weeks. This was confirmed after several verifications.
The report said that the last time Chen Shaojie appeared in front of the public was on August 14 this year in the second quarter financial analyst conference call.
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