Seazen Holdings Co.’s dollar bonds and stocks fell after the company said its board director and co-president of the company hasn’t been reachable.
(Bloomberg) — Seazen Holdings Co.’s dollar bonds and stocks fell after the company said its board director and co-president of the company hasn’t been reachable.
Some dollar bonds by Seazen Group were down more than 1 cent on the dollar Monday morning in Hong Kong, according to Bloomberg-compiled prices. Its shares fell as much as 7.9% in Shanghai and 7.4% in Hong Kong.
The Chinese developer said in an exchange filing dated Feb. 11 that it has been unable to make contact with Qu Dejun, with the exact reason unknown. The firm said the news will not have any impact on company operations.
A media representative for Seazen said the company has no further comment beyond the latest statement Monday morning. Dalian Wanda Group didn’t immediately offer a comment when reached by Bloomberg.
Qu was appointed executive director and vice chairman of the board by Seazen Group in 2019, according to an exchange circular at the time. Before that, he served in several senior executive roles at Dalian Wanda Group’s subsidiaries, the circular shows. A Caixin report said Qu is assisting authorities in an investigation involving his career at Wanda, citing a person with knowledge of the situation.
A Wanda Property dollar note issued in January fell by 2.3 cents on the dollar to 96 cents as of 9:54 a.m. in Hong Kong.
–With assistance from John Cheng and Emma Dong.
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