The CEO of DouYu, a leading Chinese livestreaming platform, vanishes amidst speculation of gambling-related trouble.
The boss of a leading Chinese livestreaming platform has not been seen in public for weeks, state-run media outlets reported, after an investigation into illegal content on his site.
DouYu is backed by Chinese tech giant Tencent and is US-listed with a market capitalisation of $268 million. A representative did not provide details when asked by AFP on Tuesday about Chen’s whereabouts.The Chengdu-based Cover News also reported that Chen’s colleagues were not aware of his whereabouts and were unable to get in contact with him.
Bao Fan, the billionaire chairman and executive director of investment bank China Renaissance, went missing this year and was later revealed to be “cooperating” in an official investigation.But Beijing has sought to crack down on perceived immoral content on the booming industry, launching probes into several top social media platforms and targeting prominent influencers.
Several of China’s leading financiers and businesspeople have fallen from grace in recent years, with an intense crackdown on alleged corruption pushed by President Xi Jinping showing no sign of abating.