Beijing: “Richest Person in China” Detained for Questioning in Alleged Market Manipulation

Wong Kwong-yu, Chairman of Gome Electrical Appliances and said to be the richest person in China, was detained and questioned by police a few days ago, the official China Securities Journal reported, quoting an industry insider. The Standard reports that according to influential mainland financial magazine Caijing, the billionaire is being investigated for allegedly manipulating the share price of Shandong Jintai Group, a Shanghai-listed pharmaceutical company owned by his elder brother, Huang Junqin.

Gome shares will reportedly be suspended from trading in Hong Kong from today, according to mainland portal Hexun. The Hurun Report ranked Wong the richest person in China last month, with net assets of more than 43 billion yuan.

Read the article in The Standard