Companies Backed by Tycoon and Under Investigation to Unload More Assets
A group of companies controlled by tycoon Xiao Jianhua, the founder of conglomerate Tomorrow Holding Group, has agreed to sell a substantial stake in Hong-Kong listed Hengtou Securities Co. for 9 billion yuan ($1.38 billion).
Xiao, who has been assisting authorities with unspecified investigations since January and whose whereabouts have been unconfirmed since then, has been shedding assets.
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