China's Seazen Tumbles as Police Probes Into Chairman's Child Molestation Case
Liao Shumin
DATE:  Jul 04 2019
/ SOURCE:  yicai

(Yicai Global) July 4 -- The share prices of Chinese property developer Seazen Holdings and its two subsidiaries have slumped today after Shanghai's Putuo district police department reported yesterday that Chairman Wang Zhenghua has been arrested due to an investigation related to sexual abuse of a nine-year-old girl.

Seazen Holdings [SH: 601155] fell by the daily maximum of 10 percent to CNY38.40 (USD5.60). Future Land's [HKG: 1030] shares fell over 16 percent to HKD6.70 (90 US cents). The equity price of S-Enjoy Service Group [HKG: 1755] dropped 14 percent to HKD5.60. 

Future Land and Seazen have selected Wang's son Wang Xiaosong as the new executive chairman, the Shanghai-based firms said in statements yesterday.

Editor: Emmi Laine

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