Shares of e-cigarette maker Huabao International (0336) plunged 67 percent in Hong Kong yesterday after the company revealed a supervisory committee for Leiyang city in Hunan province is probing chairwoman Chu Lam Yiu for suspected disciplinary violations.
The statement didn't provide details about the violations and added that business operations remain normal.
A company representative said Huabao would inform the public should there be any further progress in the investigation.
Chu, who's also Huabao's chief executive officer, controls 71 percent of the company, which provides flavors and fragrances for tobacco, food and personal-care products.
Her fortune is valued at US$2.6 billion (HK$20.28 billion) now, down from US$5.5 billion on Friday, according to the Bloomberg Billionaires Index.
In November, when the stock was at its highest price in more than two decades, she was worth some US$8 billion.
Chu, who was born in China's Sichuan province and holds Hong Kong citizenship, was a member of the Fifth Chinese People's Political Consultative Conference Committee in Shenzhen, a government advisory body, according to her biography on the company's website.
In other news, Genting Hong Kong (0678) chairman and chief executive Lim Kok Thay resigned, days after the company filed to wind up its business in one of the biggest stumbles by a cruise operator since the pandemic began.
Chu Lam Yiu controls 71 percent of the company. SING TAO
