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Jerome García November 22, 2023 3 min read
DouYu Confirms CEO Chen Was Arrested Earlier This Month
The company confirmed that its CEO and chairman of the board of directors was arrested earlier this month but rejected receiving information about investigation or proceedings against him
The Tencent Holdings-backed leading live-streaming platform, DouYu, announced Tuesday that it was informed about the arrest of its chief executive officer (CEO) and chairman of the board of directors, Shaojie Chen. The company was notified about the CEO’s arrest on November 20, 2023, and confirmed that he was taken into custody “on or about November 16, 2023.”
Upon announcing that its CEO and chairman was arrested, DouYu said that it wasn’t notified about the reason for his arrest. Moreover, the company rejected receiving official notice about a possible investigation or proceedings against Chen. DouYu’s statement explained that it cannot comment on when its CEO is expected to be released nor is it aware if legal proceedings may be filed against him. The leading live-streaming platform confirmed that legal proceedings against its CEO and his ongoing detention may impact its business reputation.
While Chen remains under arrest, DouYu said that it continues to operate normally. The live-streaming platform explained that it remains dedicated to upholding the highest regulatory standards for compliance. Finally, DouYu confirmed that its board will continue to manage and supervise its operations while the company is working on “contingency plans in response to Mr. Chen’s arrest and related investigations.”
“The Company cannot comment on the nature or expected timeline of subsequent legal proceedings, if any, that may follow. Mr. Chen’s ongoing detention and any subsequent related legal proceedings and enforcement actions against the parties involved may have a material adverse impact on the Company’s reputation, business and results of operations,“reads a statement released by DouYu
Police Are Yet to Confirm Why DouYu’s Boss Was Arrested
The latest announcement comes after earlier this month, local media outlets confirmed that contact with Chen has been lost recently. Different reports alleged that his disappearance or possible arrest may be tied to DouYu streaming content that included pornography and gambling.
Local authorities are yet to reject or confirm such allegations. Moreover, law enforcement is yet to disclose the reason behind Chen’s arrest and whether or not he is subject to an investigation or may be impacted by any criminal charges.
The arrest of Chen comes on the heels of an unexpected probe into one of DouYu’s operations by the Cyberspace Administration of China, the internet regulator in China. Earlier this year, Jack Ma, the CEO of Alibaba, the globally-recognized eCommerce business, as well as Bao Fan, China Renaissance’s CEO and founder, also went out of public view temporarily. It is unclear if their disappearance is related to the arrest of DouYu’s boss.