The Chinese vaping magnate Chu Lam Yiu is the subject of an investigation by Chinese authorities for “unspecified suspected disciplinary violations,” the result so far has seen Huabao International Holdings, a tobacco flavoring and fragrance company, drop in value by over 65%, reports the Financial Times.
Chu is one of China’s richest self-made women with a majority stake in Huabao International Holdings. The investigation was announced via a Hong Kong Exchange filing. The company said in a statement it was informed of the investigation by its subsidiary Huabao Flavours & Fragrances. “Up to the date of this announcement, the company has not been provided with any details of the nature of the suspected violations of Ms Chu that is currently being investigated. The business operation of the group remains normal,” the company said.
It added that the subsidiary received a case filing notice from the Leiyang City Supervisory Committee, indicating that the probe was being carried out by the Chinese Communist party and the local government.
You must log in to post a comment.