HONG KONG – Stocks linked to a missing Chinese billionaire have slumped in trading despite his company's reassurances that it is business as usual.
Three companies in which Xiao Jianhua's Tomorrow Group has sizeable stakes tumbled on Friday, the first day of trading after China's weeklong Lunar New Year holiday.
Cement maker Xishui Strong Year and Baotou Huazi Industry, which makes beet sugar and electronic components, both fell by the maximum 10 percent daily limit in trading on Shanghai's stock exchange.
Another firm, chemical maker Baotou Tomorrow Technology, dropped 5 percent.
Xiao's whereabouts are still unknown after reports started circulating this week that he had been seized by Chinese police officers at his luxury Hong Kong hotel and taken across the border to the mainland.