Crisis at “Africa’s Phone King” After Chinese Authorities Detain Transsion CFO

Shares of Chinese mobile phone giant Transsion Holdings bounced back in early Shanghai trading on Wednesday, following a massive sell-off of the stock triggered by news that the company’s longtime CFO had been taken into custody by Chinese provincial authorities.

News that anti-corruption agents in northeastern Liaoning province detained Xiao Yonghui broke on Friday, sparked a seismic response by investors who dumped Transsion shares en masse — pushing the stock price down 8% at Tuesday’s close.

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by Eric Olander

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