Two Chinese business executives at companies controlled by the embattled financial conglomerate Zhongzhi have gone missing, according to statements by their respective firms.
She was appointed as the chairwoman of Dalian My Gym Education Technology in 2022, a few years after Zhongzhi acquired control of the company through a share purchase deal.
It is considered part of China’s $3 trillion “shadow banking” industry, a sector that forms an important source of finance in the country.
That sparked protests by angry investors and prompted worries that a slump in China’s property market could trigger a wider financial crisis.
Zhongzhi apologized to its investors last week and acknowledged that its liquidity had been “exhausted.” It said that since the death of its founder, and the subsequent resignations of senior executives, its internal management had slid into a state of “failure.”
This year, more than a dozen top executives from sectors including technology, finance and real estate have gone missing, faced detention or been subjected to corruption probes.
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