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Chairman of Newegg.com's Controlling Shareholder Detained by Chinese Authorities for Investigation, Triggers Major Stock Price Swings
2 week ago /
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Author：小编
Last week, the stock price of Newegg, an online retailer specializing in computers and electronics, witnessed substantial volatility. This turbulence came in the wake of the detention of He Zhitao, who serves as both the chairman and CEO of Hangzhou LianLuo Interactive Information Technology—the entity holding a controlling stake in Newegg. He Zhitao was taken into custody by China's anti-corruption authorities for further investigation. In the aftermath of this development, Newegg's stock price initially plummeted by nearly 20% in after-hours trading. However, it gradually clawed back its losses, inching closer to the pre-announcement levels.
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