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China Yurun Food Group (1068.HK)
23-01-2019, 10:37 PM.
Post: #1
China Yurun Food Group (1068.HK)
Chinese meat processor Yurun Food’s shares surge as missing boss, Zhu Yicai, returns home after almost four years
* Yurun’s share price shot up by 29 per cent after boss returned home
* Zhu vanished in March 2015, reportedly detained by Chinese authorities and investigated for corruption

Xie Yu
PUBLISHED : Wednesday, 23 January, 2019, 6:26pm
UPDATED : Wednesday, 23 January, 2019, 6:26pm

Yurun Food Group, a mainland Chinese meat producer, surged 28.9 per cent on Hong Kong’s stock exchange after announcing its chairman, Zhu Yicai, had returned home almost four years after he went missing.

“On the afternoon of 22 January 2019, the company received notice from the family members

of Mr. Zhu Yicai, the honorary chairman and the senior adviser to the board, that Mr. Zhu has returned home,” the company said in a filing to the Hong Kong stock exchange on Tuesday night.

Zhu, one of China’s wealthiest tycoons, vanished in March 2015 and was not heard from again, reportedly detained by authorities as part of an investigation into corruption.

Zhu owns 25.82 per cent of the listed company, the filing said.

The stock price of Yurun shot up on Wednesday as turnover surged, closing 28.9 per cent higher at HK$1.07, the highest since last August.

Another company controlled by Zhu, Shanghai-listed Nanjing Central Emporium surged by 10.05 per cent, hitting the daily limit, to close at 4.49 yuan.

Mainland media has linked Zhu’s disappearance with Beijing’s widespread crackdown on corruption. Caixin on Wednesday quoted unnamed sources as saying Zhu had been released after being tried by a court in Hangzhou, in east China’s Zhejiang province.

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