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February 4, 2017

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Shares of Tomorrow Holdings’ firms slump

LISTED firms controlled by Tomorrow Holdings, the company run by missing Chinese-born businessman Xiao Jianhua, slumped yesterday, despite the parent group saying its businesses were all operating normally.

Mystery swirled around billionaire Xiao’s whereabouts earlier this week, with some reports saying he had been “taken” to China’s mainland from Hong Kong.

A statement purportedly from Xiao posted in a Hong Kong newspaper said he was seeking medical treatment “outside China.”

Hong Kong police said Xiao entered the mainland on January 27.

Tomorrow Holdings, a financial group headquartered in Beijing, said in a statement on its official microblog late on Thursday that its own operations were unaffected.

“The production activities of Tomorrow Holdings and its subsidiaries are operating as normal,” the company said in a statement on messaging service WeChat.

“We thank everyone for their interest and deep love for Mr Xiao Jianhua and our firm.”

However, shares in companies directly or indirectly controlled by Tomorrow slumped yesterday, with sugar producer Baotou Huazi Industry Co and cement manufacturer Xishui Strong Year Co both down the maximum 10 percent in Shanghai trading.

In a notice yesterday and posted on the door of its listed Beijing office, the company said it had not been told to cooperate in any legal investigations.

The firm said that it could use legal means to go after media outlets for spreading rumors about Xiao.

The office appeared to be unused, and a receptionist at the building said Tomorrow Holdings had moved.

Xiao is ranked 32nd on the 2016 Hurun China rich list, with a net worth of US$5.97 billion.


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