Chinese tycoon's disappearance alarms markets

The disappearance of Chinese billionaire Xiao Jianhua is sending shivers through China’s financial sector, according to The Wall Street Journal. Uncertainty surrounding Xiao’s whereabouts sent stocks related to his business tanking Friday as trading resumed after the Lunar New Year holiday. Speculation over Xiao’s absence erupted earlier this week with unconfirmed reports that he had been abducted in Hong Kong by Chinese law-enforcement agents. Hong Kong police said on Wednesday they had asked mainland authorities for more information after determining Xiao, a Hong Kong resident, had crossed into China on Jan. 27. Despite a statement by Xiao’s company Tomorrow Holding that the company and its subsidiaries were “operating normally,” two companies lost the daily maximum 10% of value, with another losing 5%.