Casino developer Landing surges after missing chairman reappears
Shares in Landing International Development, a Hong Kong-listed casino developer, surged 33 per cent on Tuesday morning after the company said its chairman had returned to work three months after vanishing with no explanation.
Landing said that Yang Zhihui, who is also the company's controlling shareholder, had been "assisting the relevant department of the People’s Republic of China with its investigation during the period of his absence".
Mr Yang becomes the latest in a string of Chinese executives who have gone missing and later re-emerged, saying that they were helping the Chinese authorities with an investigation. He follows in the footsteps of Guo Guangchang of Fosun and Mike Poon of China Aircraft Leasing Group.
Despite Tuesday's bounce, shares in Landing, which owns a casino resort on the South Korean island of Jeju, are still down 82 per cent over the last year.
The company said in a statement that "the business and operations of the group have been steady and normal" during Mr Yang's absence.