Mar 14, 2024 08:11 PM
BUSINESS
Chinese Electronics Duo Nosedive After Graft Busters Detain Chairman
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Zhang Ya, chairman of Chengdu Screen Micro Electronics and Guoguang Electric, has been detained by graft investigators in North China’s Hebei province. Photo: University of Electronic Science and Technology of China
Chengdu Screen Micro Electronics Co. Ltd. (688053.SH) (成都思科瑞微电子股份有限公司) and Guoguang Electric Co. Ltd. Chengdu (688776.SH) (成都国光电气股份有限公司) were sent plunging after Zhang Ya, the actual controller and chairman of both firms, was detained by graft investigators in North China’s Hebei province.
The companies — both listed on Shanghai’s Nasdaq-like STAR Market — said they were notified of Zhang’s situation on Monday by his family, according to exchange filings submitted Wednesday. They provided no further details.
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