(Yicai Global) Dec. 20 -- Shares of companies controlled by Zhongzhi Enterprise Group fell after the Chinese asset management firm announced the sudden death of its founder, Xie Zhikun.

Xinjiang Tianshan Animal Husbandry Bio-Engineering [SHE: 300313] plunged 9.2 percent today to close at CNY8.31 (USD1.30); Zhejiang Kangsheng [SHE: 002418] tumbled 7.8 percent; Bode Energy Equipment [SHE: 300023] sank 7.4 percent; and Hubei Mailyard Share [SHA: 600107] slumped 7.2 percent. The shares of other listed firms controlled by Zhongzhi also lost ground.

These companies put out separate statements yesterday to announce Xie’s death, express their condolences and assure investors that production and operations are running as normal.

Xie, 61, died of a heart attack on Dec. 18, according to Beijing-based Zhongzhi’s obituary notice released on the same day. He was worth CNY26 billion (USD4.1 billion), according to the Hurun China Rich List 2021.

Zhongzhi, the group he founded in 1995, has business in semiconductors, new energy vehicles, big data, health, education, and other fields through the firms it controls. The group also has the exploration and mining rights to over 30 coal mines and owns metallic and non-metallic ore deposits with a potential value of CNY120 billion (USD18.8 billion).

Licensed to deal in trusts, funds, insurance, and futures, Zhongzhi also has stakes and controlling interests in six financial institutions, five asset managers and four wealth management firms.

Lu Yang, chairman of affiliate Zhongrong International Trust, has been entrusted with the group’s overall work, Zhongzhi added.

Editor: Futura Costaglione