In a recent development, DouYu International Holdings Limited, a prominent name in the game-centric live streaming sphere, has encountered a major setback. On November 16, 2023, Mr. Chen Shaojie, the CEO and Chairman of the Board of DouYu, was arrested by Chengdu police. This sudden turn of events has raised concerns about the company's future and operational stability.
DoYu's announcement on CEO's arrest
The reason behind Mr. Chen's arrest, which was officially confirmed on November 20, 2023, remains shrouded in mystery. DouYu, listed on Nasdaq under the ticker DOYU, has not yet received any formal notification regarding the investigation or the specific charges against Mr. Chen. The nature and anticipated duration of any ensuing legal processes are currently unknown, and the company has refrained from commenting on these aspects.
DouYu CEO Chen Shaojie
This arrest poses a significant threat to DouYu's reputation and could potentially impact its business operations and financial outcomes. However, despite the uncertainty surrounding Mr. Chen's ongoing detention and any related legal actions, DouYu assures that its business operations continue as usual. The company remains dedicated to adhering to regulatory compliance on its platform.
DouYu's Board and management team are proactively working on contingency plans to address the challenges posed by Mr. Chen's arrest and the ongoing investigations. The company emphasizes its commitment to maintaining the normal functioning of its operations during this turbulent phase.
DouYu CEO Chen Shaojie
As the situation develops, DouYu is bound by the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995, highlighting that forward-looking statements involve inherent risks and uncertainties. The company will continue to provide updates in accordance with applicable laws and regulations.
Source: Weibo