Live Updates: Alibaba Seeks Dual Primary Listing in Hong Kong to Boost Chinese Investment

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Zhao Weiguo, the former head of a massive Chinese conglomerate with state backing and investment in the global tech sector, has been investigated by officials in Beijing, according to media reports. local.

The 54-year-old, who ran cash-strapped chipmaker giant Tsinghua Unigroup for a decade, was out of touch after authorities abducted him from his home in mid-July. reported Caixin, a respected Chinese business publication.

The Financial Times has not independently verified the matter. Tsinghua did not immediately comment. No other details of the investigation were provided.

Report on Zhao’s detention comes after years of scrutiny of state-backed Tsinghua by investors and the Chinese government after Zhao struggled to repay and refinance the company’s large debts .

The company was born in the late 1980s from Tsinghua University in Beijing, the most prestigious engineering school in China. Zhao took control in 2009.

He rose from obscurity raising animals in Xinjiang, the western region of China, to study in Tsinghua in the 1980s. Chinese government.

Zhao enjoyed state support during Hu Jintao’s administration and is believed to have a close personal relationship with the former president’s son, Hu Haifeng, according to analysis by Cercius Group, a consultancy based in Hu Jintao. Montreal specializing in elite Chinese politics.

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