Douyu announced on November 21 that the company’s CEO Chen Shaojie was arrested by Chengdu police around November 16, 2023. The company has not received any formal notification of the investigation into Chen Shaojie or the reasons for Chen Shaojie's apparent arrest.
Chen Shaojie's continued detention and any subsequent related legal proceedings and enforcement actions against relevant parties could have a material adverse effect on the Company's reputation, business and results of operations.
In terms of stock price, Douyu’s pre-market decline expanded to 10%.
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