Reported 8 months ago
Recently, mainland China-listed company Hongbo Co. exposed that the founder's family cashed out 2 billion RMB (about 89 billion NT dollars) and fled. The company saw a surge in stock prices in 2022 due to its cooperation with NVIDIA but is now facing a downfall. The company's IPO raised about 1.26 billion RMB (approximately 5.6 billion NT dollars), with the founder's family cashing out 2 billion RMB and leaving the scene. This prompted retail investors, who were left holding the bag, to take legal action for their rights.
Source: YAHOO