Shaojie Chen, the CEO and chairman of the board of directors of DouYu, a well-known live-streaming platform supported by Tencent Holdings, was officially arrested, according to official confirmation.
On November 20, 2023, the CEO was placed under arrest; it was confirmed that Chen had been taken into custody on or around November 16, 2023. However, neither the purpose of Chen’s imprisonment nor the existence of any inquiries or legal actions taken against him have been disclosed to DouYu.
There has been no contact from Chen since his arrest, and there have been allegations that his disappearance was related to DouYu’s streaming content, which allegedly includes adult content including gambling and pornography. The reason for Chen’s incarceration has not been disclosed, and local authorities have not confirmed nor refuted these accusations.
DouYu has said that it would go on with business as usual in spite of these problems, adhering to the strictest regulatory standards for compliance. The company acknowledged that the prolonged incarceration of its CEO may have a detrimental impact on the company’s reputation, sales, and operational efficiency.
The board of DouYu will be in charge of managing and supervising operations during this uncertain time. In addition, the company is always creating backup plans in case Chen’s imprisonment has unanticipated consequences.
This incident occurs against the backdrop of China’s Cyberspace Administration’s unannounced regulatory probe into one of DouYu’s operations, which furthers the murkiness surrounding the situation. Concerns have been raised by the wider context of governmental oversight in China’s digital business, and as things change, it is unclear how this will affect DouYu’s future.
Original story by: Gambling News
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