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Chinese Live-Streamer CEO Remains in Custody

Shaojie Chen, the Chief Executive Officer and the Chairman of the board of the directors DouYu International Holdings Limited, remains in custody following his arrest by the Chengdu police.

Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain.

According to the Company, it has not received any official notice of the investigation against Mr. Chen or the reasons for Mr. Chen’s apparent arrest. The Company says it cannot comment on the nature or expected timeline of subsequent legal proceedings, if any, that may follow.

In a statement, it said, “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.

“The Company maintains normal operation of its business and remains committed to upholding regulatory compliance on its platform. The Board and management will supervise the operations of the Company and work on contingency plans in response to Mr. Chen’s arrest and related investigations.”

The board of the directors of the Company has formed an interim management committee consisting of Mr. Mingming Su, a director and Chief Strategy Officer of the the Company, Mr. Hao Cao, a director and Vice President of the Company, and Ms. Simin Ren, a Vice President of the Company. The interim management committee will manage the Company’s operations until further notice.

According to a statement, “The Board is confident that the Company will continue to maintain its normal operations under the leadership of the interim management committee. The management committee members’ years of experience at the Company and in the industry will provide steady leadership while Mr. Chen focuses on his situation.”

Ms. Simin Ren was appointed as the Vice President of the Company, effective as of November 24, 2023.

Ms. Ren joined the Company in June 2021 and has served as a vice president of the Company’s PRC entities. Ms. Ren is responsible for the project management office (“PMO”) department in charge of project management and business compliance, streamer management and content ecosystem. Ms. Ren received her bachelor’s degree from the University of Manchester in June 2016, and her master’s degree from the University of Warwick in November 2017.

Visit http://ir.douyu.com/

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