Chairman under investigation: Wan Chen Group’s total market value shrinks by over 1.6 billion yuan in 5 days

Fujian Wanchen Biological Technology Group Co., Ltd. (Wanchen Group) chairman was taken away for investigation, causing the company’s stock to plummet. Over the past 5 trading days, Wanchen Group’s total market value has decreased by approximately 1.658 billion yuan.

On the evening of March 3, Wanchen Group issued a statement stating, “Recently received a notice from a certain national supervisory committee that the company’s chairman, Wang Jiankun, has been detained and is under investigation.”

Despite Wanchen Group’s assertion that Wang Jiankun’s “allegations have nothing to do with the company, as of the date of this announcement, the company has not been asked to assist in the investigation.” However, following the release of this news, Wanchen Group’s stock price still experienced a “huge shock,” with the stock price falling by 7.74% on March 4 to 88.43 yuan per share, with a total market value of 15.916 billion yuan.

According to a report by Xinjing News, as of March 10, Wanchen Group’s stock price closed at 86.64 yuan per share, further decreasing by 0.29%. The cumulative total market value of Wanchen Group has now decreased by approximately 1.658 billion yuan.

Public records show that Wanchen Group was established in 2011, listed on the A-share market in April 2021, and began transitioning into the wholesale snack industry in 2022. Its current main businesses include wholesale snacks and edible fungi, being referred to as the “two giants” of China’s wholesale snack industry alongside Mingming Hen Mang.

Previous reports:

Wanchen Group Chairman Under Investigation, Stock Price Plummets