Picture: AKIO KON/BLOOMBERG
Huabao International Holdings sank 67% in Hong Kong trading on Monday after the company said a supervisory committee for Leiyang, a city in China’s Hunan province, and the Chinese Communist Party were probing chair Chu Lam Yiu for suspected disciplinary violations. Chu, who is also Huabao’s CEO, controls 71% of the company, which provides flavours and fragrances for tobacco, food and personal-care products. Her fortune is valued at $2.6bn now, down from $5.5bn on Friday, according to the Bloomberg Billionaires Index. In November, when the stock was at its highest price in more than two decades, she was worth about $8bn.
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