Tech-driven property management company Danke Apartment (蛋壳公寓) has announcement the replacement of its chief executive following the launch of an official investigation into his personal business dealings by Chinese authorities.
Gao Jing (高靖), CEO and founder of Danke, has been placed under official investigation by local Chinese authorities for his participation in a “commercial investment” scheme prior to the launch of the company, according to an official statement made by Danke on 18 June.
Danke said that because of the investigation Gao is unable to handle company matters and discharge his official duties, and consequently it had appointed Cut Yan (崔岩), founder, director and vice-president of the company, as replacement CEO.
According to Danke Gao’s involvement in the investigation is unrelated to Danke itself, and none of its other managers or directors had receive investigation notices or inquiries from authorities.
Danke was first founded in Beijing in January 2015, and bills itself as Online-to-Offline (O2O) tech and data-driven provider of apartment and property management services.
On 17 January 2020 Danke listed on the New York Stock Exchange (NYSE) under the ticker code “DNK,” raising USD$149 million in total.
The company has nearly half a million apartments under management in cities including Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou.
On Thursday Danke Apartment shares were suspended from trading shortly after opening, before falling over 9% upon resumption of trading.