Santech Holdings Chairman, CEO Are Detained and Under Investigation

Dow Jones09-17

By Denny Jacob

Santech Holdings disclosed that Chairman Han Hongwei and Chief Executive Wang Dian have been detained by and currently under investigation by a certain branch office of the Shanghai Municipal Public Security Bureau.

The consumer-focused technology company said the detainment and investigation relate to alleged illegal activities at Hywin Wealth Management.

The company previously said it terminated certain arrangements with Hywin, which is wholly owned and controlled by Hongwei, in June.

Santech appointed Lawrence Wai Lok to the board and as acting CEO as Hongwei and Dian are unable to fulfill their respective roles. It also said Chen Jie and Joel Gallo will continue to serve as independent non-executive directors.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

September 17, 2024 08:12 ET (12:12 GMT)

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