Billionaire Hikvision director named in Chinese language disclosure probe

FILE PHOTO: A Hikvision surveillance digital camera is seen on the Drum Tower in downtown Beijing, China June 19, 2019. Image taken June 19, 2019. REUTERS/Jason Lee

SHANGHAI (Reuters) – China’s securities regulator is investigating one of many nation’s richest males for alleged violation of disclosure guidelines as a director of surveillance digital camera large Hikvision (002415.SZ), the corporate mentioned.

Administrators Gong Hongjia and Hu Yangzhong had been named as suspects and would cooperate with the investigation by the China Securities Regulatory Fee, the agency mentioned in a submitting to the inventory trade on Wednesday. It didn’t present any element of the alleged violations.

Gong is a Hikvision vice chairman and the agency’s largest particular person shareholder with a 13.4% stake, in keeping with Refinitiv knowledge. The Forbes China wealthy listing places his internet value at $9 billion, making him the 26th-richest individual within the nation.

Hu is Hikvision’s basic supervisor and is ranked by Forbes because the 265th wealthiest individual in China with a internet value of $1.5 billion.

Hikvision, the world’s greatest provider of video surveillance programs, was one in every of eight companies added to a U.S. blacklist in October geared toward punishing Beijing for its therapy of Muslim minorities within the northwestern area of Xinjiang.

The agency had allegedly offered surveillance gear to police authorities all through Xinjiang, the place China has been accused by Washington of repression, arbitrary detention and high-technology surveillance towards Muslim minority teams.

Hikvision mentioned on the time that it strongly opposed the U.S. resolution and was engaged on contingency plans.

In Could, the CSRC mentioned it was working to enhance the standard of the nation’s listed companies after a sequence of disclosures stoked investor considerations over poor governance.

Reporting by David Stanway; Extra reporting by Brenda Goh; Modifying by Stephen Coates

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