July 2019
3:52 AM IST
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Sindhu looks to complete unfinished business in Japan        Griezmann says heart with Barca after ugly Atletico exit        Kotak Mahindra Bank Q1 consolidated up 23 pc; standalone net jumps 33 pc to Rs 1,360 cr        Investor wealth plummets over Rs 4 lakh cr in 3 days of market fall        China says Hong Kong protests 'absolutely intolerable'        Britain's May chairs emergency session on seized tanker        SC to hear on Aug 6 plea by Ahmed Patel against Guj HC order on his election to RS        Nadda pulls up Pragya Singh Thakur for her toilet remarks        Chandrayaan-2 illustrates India's determination to scale new frontiers of science: PM        India's second moon mission launched successfully; ISRO takes control of spacecraft        Ramya Haridas to not accept Youth Congress' car gift        ICC ran out of patience with Zimbabwe cricket: Flower        Pragya's latest: Have not become MP to clean toilets        Want to be an Indian superhero in Avengers: Taapsee Pannu        Have been able to achieve balance between commercial and parallel cinema: Sonakshi        Mahershala Ali to star in Marvel's 'Blade' reboot        Sindhu ends runner-up at Indonesian Open        UK car sector accelerates towards electric future        China importers seek to lift tariffs on US farm goods: State media        LIC offers Rs 1.25 lakh cr line of credit by 2024 to fund highway projects: Gadkari        
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International News
China firm's stock tanks on tycoon's child sex assault arrest
Shanghai, Jul 4 (AFP) Shares related to a Chinese property tycoon plunged for a second day on Thursday after his arrest for suspected child molestation, in a case that sparked anger over an apparently botched attempt to censor the affair.

Police in Shanghai announced Wednesday that a man had been arrested on suspicion of sexually abusing a nine-year-old girl.

Chinese media reports subsequently confirmed that the man was Wang Zhenhua, 57-year-old billionaire chairman of Seazen Holdings.

Hong Kong-listed shares in a pair of companies linked to Wang -- Future Land Holdings and Xinchengyue -- have since plunged around 30 per cent.

The news appeared not to have affected Shanghai-listed Seazen Holdings on Wednesday, but the stock fell the maximum allowable 10 percent on Thursday, triggering an automatic suspension.

Police said a man surnamed Wang was arrested on suspicion of child sex abuse, along with a woman surnamed Zhou.

Chinese media reports have said that Zhou delivered the nine-year-old girl to Wang after bringing her from another province for a trip to Shanghai Disneyland, after which Wang allegedly paid Zhou.

The girl later reported to her mother that she had been molested, leading to the arrest of Wang and Zhou, according to the reports.

Chinese web-users subsequently expressed outrage when a posting began circulating online, purportedly from a Shanghai public affairs official, instructing media outlets not to report on the case.

China's media is tightly controlled by the government, which routinely censors or squelches news that could embarrass authorities or well-connected figures.

But netizens poured scorn on the public affairs official, with some suggesting he had a financial interest in Wang's companies, and they cheered as media continued to report the story on Thursday.

"Was this related to the stock price? There must be some connection," said one posting.

"These fools," added another post. "Our voices can't and won't be suppressed."

Seazen and other companies controlled by Wang engage in property development and management.

Seazen Holdings has said Wang had been replaced as chairman of the company.

Future Land Holdings had sales of 221 billion yuan ( 32.13 billion) in 2018, ranking 8th in China, the state-controlled Global Times reported.

The bulk of Wang's net worth comes from his stakes in Future Land and Xinchengyue.

On Wednesday alone, his fortune dropped by 1.4 billion to 5.2 billion, according to the Bloomberg Billionaires Index.

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