# privatisation controversy

Sichuan Probe of Veteran Tycoon Sends Three A‑Share Firms into Turmoil

Sichuan authorities have detained Xiong Haitao, the ultimate controller of three listed A‑share companies, prompting stock selloffs and reviving controversy over a disputed 2005 privatisation of Dongcai Technology's predecessor. The probe, led by the provincial supervision commission rather than the securities regulator, raises broader governance and contagion risks for Chinese markets and firms with opaque controlling‑shareholder structures.