As Sina reported on April 25, Liu Zhen, former chairman of Anhui Anyuan Investment Fund Management Co., Ltd., has been found after three days of losing contact.

He is currently undergoing disciplinary review and supervisory investigation by the anti-corruption body of Chuzhou City, Anhui province.

The Chuzhou anti-graft agency revealed on April 24 that Liu is suspected of serious violations of discipline and law.

Data from the Asset Management Association of China show that Anhui Anyuan Investment Fund’s management scale is from 5 billion yuan (762 million dollars) to 10 billion yuan (1.5 billion dollars). It manages 28 funds in total.

Anhui Guoyuan Capital is the largest shareholder of Anhui Anyuan Investment Fund, accounting for 23% stake.

Liu Zhen, 46, is also a former member of the party committee and vice president at Anhui Guoyuan Capital Co., Ltd. He is currently a non-executive member of the board of directors at Sungrow Power Supply Co., Ltd.

Sungrow disclosed that the company tried to get in touch with Liu on April 22 before and after the latest board meeting. However, it failed to contact him. Through further confirmation with Liu’s spouse, Sungrow said he was out of contact due to personal reasons.

Sungrow stated that Liu does not participate in the company’s daily production, operation, and management.

According to China News, Sungrow’s stock price has kept dropping since the beginning of 2022, falling around 55% so far this year. Its market value has evaporated nearly 120 billion yuan (18 billion dollars).

Sungrow, founded in 1997, is a national key high-tech enterprise focusing on new energy power equipment, such as solar and wind energy. Its products are present in over 150 countries.

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