(Yicai Global) July 8 -- Camsing International's shares plunged 80 percent after the media and entertainment firm told the Hong Kong Stock Exchange at the end of last week that its founder and Chairwoman Luo Jing has been detained by Shanghai police.
Camsing International's [HKG:2662] stock price closed at HKD0.90 (USD0.12) after crashing as much as 90 percent today. Shares of Boxin Investing & Holdings [SHA:600083], which Luo also chairs, rose by the daily trading limit of 10 percent to CNY13.51 (USD1.96) after falling by 10 percent at the market open.
The Shanghai Public Security Bureau's Yangpu district branch arrested Luo on June 20, Boxin Investing said in a statement on July 5, without providing any explanation. The intelligent hardware service provider also said director and Chief Financial Officer Jiang Shaoyang was detained on June 25.
Born in 1971, Luo is mainly known as Camsing Global's founder, chairwoman and chief executive officer. Her almost 65-percent stake is worth CNY700 million (USD101.6 million). Camsing Global has three listed units: Camsing International, Boxin Investing and Singapore-listed Camsing Healthcare, which owns the healthcare brand Nature's Farm.
Luo founded Camsing Global in Hong Kong in 1996 and later set up branches in Guangzhou, Hong Kong, Beijing, Shanghai, Shenzhen, and Suzhou as well as South Korea, Japan, Singapore, and the US. Camsing Global has developed into an integrated group covering entertainment, intelligent hardware and healthcare.