News: It is reported that executives have been detained, and PICC Group's stock price plummets
The Vice President of China People's Property Insurance Company, Yu Ze, has gone missing, suspected of being investigated for corruption, leading to a decline in the company's stock price. The stock price of PICC Group once plummeted by 4.3%, later narrowing to 3.7%. The company stated that it is verifying market rumors and did not specifically name the individuals involved. Yu Ze took charge of the property insurance department of PICC Property and Casualty in March 2021. If detained, he will become the latest case of a Chinese financial executive falling due to corruption
On Wednesday, media reported that Yu Ze, Vice President of PICC Property and Casualty Company Limited (2328.HK), went missing, suspected of being investigated for corruption, leading to a drop in the company's stock price. The stock fell as much as 4.3% in the morning, before slightly rebounding to HKD 17.09 in the afternoon, narrowing the decline to 3.7%.
PICC issued a statement, acknowledging that it had noticed "market rumors mentioning information about the company's executives, and the company is currently verifying this." The statement did not specifically name the individuals involved.
Multiple Chinese media outlets reported on Tuesday that Yu Ze's last public appearance was on November 28 when he attended a company meeting. The reports added that Yu Ze took over the property insurance department of PICC Property and Casualty in March 2021. If his detention is confirmed, it will mark the latest case of a Chinese financial executive falling due to corruption allegations
