Hong Kong’s Camsing, Owner Of Stan Lee’s POW! Entertainment, Plunges 90% On Exchanges After Chairwoman Arrested

Hong Kong media and entertainment company Camsing International, owner of Stan Lee’s POW! Entertainment, plunged 90% on local exchanges today as it emerged that its chairwoman was arrested over the weekend.

Company founder Lo Ching was “currently being held in criminal custody” by the Shanghai Public Security Bureau, the company told the Hong Kong stock exchange without giving a reason for the detention.

According to the FT, the precipitous decline on the stock exchange wiped out around $700M from Camsing’s market capitalization, which now stands at just over $80M.

Camsing, which bought Pow! in 2017, operates a theme park in southern China and sells merchandising based on movie brands such as Transformers and Kung Fu Panda.

Lo Ching is also chairwoman of Shanghai-listed construction firm Jiangsu Boxin Investing and Holding. That company also took a sizeable hit on Monday before recovering at end of play. In a statement to the Shanghai stock exchange, Jiangsu Boxin said Lo had been detained on June 20, while chief financial officer Jiang Shaoyang was detained on June 25.

This latest detainment comes amid a sustained government crackdown by Chinese authorities against perceived corruption in the media and entertainment spheres.

We have reached out to Camsing for comment.