China Takes DouYu Founder and Investment Expert into Custody

Web Desk

07th Nov, 2023. 10:31 pm
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China Takes DouYu Founder and Investment Expert into Custody

Two prominent figures in Chinese business detained
DouYu founder missing for weeks
“China’s Warren Buffet,” Zhao Bingxian, officially detained by Wohua Pharmaceutical

Reports have emerged that Chinese authorities have detained two prominent figures in the business world.

The founder of DouYu, a leading live-streaming site, has been missing for several weeks, and the company is unable to establish contact with him.

In a separate case, an executive often referred to as “China’s Warren Buffet,” Zhao Bingxian, has been officially confirmed as being in detention by his firm, Wohua Pharmaceutical.

While the reasons behind Mr. Zhao’s detention remain undisclosed, the company stated it is unrelated to their publicly-listed operations.

The Financial Times, citing anonymous sources, suggested that Chen Shaojie, the founder of Douyu, may have been taken into custody as part of an investigation into illegal content on the platform, such as pornography and gambling.

These detentions add to a growing trend of business leaders in the finance and tech sectors being held by Chinese authorities, raising concerns about a broader government crackdown.

Notable cases include the disappearance of billionaire banker Bao Fan in February and the temporary disappearance of Alibaba founder Jack Ma in late 2020 after he criticized market regulators.