Skip to main content

Market Overview

ChinaCache CEO Resigns Amid Bribery Investigation

ChinaCache CEO Resigns Amid Bribery Investigation

Chinese internet content and application delivery firm ChinaCache International Holdings Ltd (NASDAQ: CCIH), shares were crashing Friday after the company announced that it and its former CEO and Chairman Song Wang are investigated in connection with bribery allegations — and that Song has resigned from his positions and has been taken into custody.

ChinaCache shares were down 16.24 percent at 92 cents at the time of publication Friday.  

The government prosecutors' office in Beijing is investigating ChinaCache and Song, the company said. 

The board has appointed Bin Liu as the company's acting CEO effective Friday. 

The legal proceedings are still at an early stage, and ChinaCache is unable to assess the likely outcomes, the company said. 

"The independent members of the Board plan to launch an internal investigation of the bribery-related allegations and to engage outside advisers to assist the independent members of the Board in conducting such investigation as soon as practicable," Jean Xiaohong Kou, a director and senior vice president at ChicaCache, said in a statement. 

Related Links: 

What The Luckin Coffee IPO Means For Starbucks

Analyst: US Sanctions 'May Not Kill Huawei'


Related Articles (CCIH)

View Comments and Join the Discussion!

Posted-In: penny stockNews Emerging Markets Legal Management Markets Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at