Listed companies in which Anbang Insurance Group owns significant stakes fell on Wednesday after the insurer acknowledged that chairman Wu Xiaohui, who has been detained by authorities, is “unable to perform its duties”.
Anbang had used proceeds from the sale of high-yielding investment products — known as “universal insurance” policies — to buy public and private equity in China and abroad.
The detention of Mr Wu casts doubt on the company’s future and raises the prospect that it may be forced to sell stakes to meet upcoming maturities or early redemptions by nervous policyholders.
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