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HONG KONG: Shares of an Asian casino operator climbed more than 40% in Hong Kong on Tuesday (November 27th) after its magnate chief, who suddenly disappeared in August, "resumed his duties".
Landing International Development said Monday in a document filed on the Hong Kong Stock Exchange that Yang Zhihui had resumed his functions as chairman and executive director.
At the time of his disappearance, the continental news website Caixin announced that the Chinese authorities were investigating Yang for his relations with the head of state, Huarong Asset Management, and that he was detained at Cambodia.
The Chinese anti-corruption agency announced in April that Huarong chairman, Lai Xiaomin, was under investigation for alleged corruption.
"Mr. Yang explained that he had helped the relevant department of the People's Republic of China to conduct his investigation during his absence," Landing's statement said on Monday.
Landing shares climbed 45% on Tuesday morning before recovering slightly to 35.2% to HK $ 3.69.
Yang's disappearance was a new setback for the company shortly after the closure of a project in Manila.
Philippine President Rodrigo Duterte had already explained to the government in August that the $ 1.5 billion US casino in the Filipino capital was poorly designed.
Landing opened the integrated Jeju Shinhwa World casino complex in Korea in March of this year.
Although the firm's shares jumped on Tuesday, they are still well below Hong Kong's 20 dollars in March.
Chinese President Xi Jinping launched an anti-corruption campaign in 2012, after taking the reins of the Communist Party, and trapped misguided officials as well as corporate executives.
Some of the country's leading businessmen have been subject to heightened surveillance by authorities who have acted aggressively to prevent large, heavily indebted private companies from collapsing. and trigger a financial crisis.
Financial Xiao Jianhua disappeared from his apartment in Hong Kong last year and information suggests that he was kidnapped by security agents from the mainland. He was suspected of being the subject of an investigation in connection with the crash of Chinese stocks in 2015.
The king of real estate, Guo Wengui, escaped to the United States in 2014, where he is now seeking asylum.
The billionaire Xu Ming, close to the former Shanghai leader, Bo Xilai – a political rival of Xi – died in prison at the end of 2015.
And even the president of Interpol, Meng Hongwei, who climbed the ranks of China's feared public security apparatus and went missing in October, was overtaken by Xi's anti-corruption campaign in October. . He has since resigned.
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