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| Bosses and cash vanish at shoe firm Ultrasonic | Bosses and cash vanish at shoe firm Ultrasonic |
| (35 minutes later) | |
| Chinese footwear firm Ultrasonic has announced the disappearance of its chief executive and chief operating officer, along with most of its cash. | Chinese footwear firm Ultrasonic has announced the disappearance of its chief executive and chief operating officer, along with most of its cash. |
| The firm, which is listed in Germany, said that both the men, Qingyong Wu and Minghong Wu, had "apparently left their homes and are not traceable". | The firm, which is listed in Germany, said that both the men, Qingyong Wu and Minghong Wu, had "apparently left their homes and are not traceable". |
| At the same time, its cash reserves in China and Hong Kong had been transferred and were "no longer in the company's range of influence". | At the same time, its cash reserves in China and Hong Kong had been transferred and were "no longer in the company's range of influence". |
| Ultrasonic shares immediately fell 79%. | Ultrasonic shares immediately fell 79%. |
| The Cologne-based firm said its German holding company still had a "relevant six-figure amount" of money under its control, so it was still able to meet its payment obligations as normal. | The Cologne-based firm said its German holding company still had a "relevant six-figure amount" of money under its control, so it was still able to meet its payment obligations as normal. |
| Ultrasonic's chief financial officer, Chi Kwong Clifford Chan, and the company's supervisory board were in talks with authorities and business partners in an effort to clarify matters, the firm said. | Ultrasonic's chief financial officer, Chi Kwong Clifford Chan, and the company's supervisory board were in talks with authorities and business partners in an effort to clarify matters, the firm said. |
| "As soon as new, reliable facts can be verified, they will be disclosed immediately," Ultrasonic's statement on its website concluded. | "As soon as new, reliable facts can be verified, they will be disclosed immediately," Ultrasonic's statement on its website concluded. |
| Rising profits | |
| Ultrasonic specialises in the design, production and sale of shoe soles, sandals, slippers, urban footwear and high-end accessories. | |
| With several facilities in the People's Republic of China, it targets the country's burgeoning middle class. | With several facilities in the People's Republic of China, it targets the country's burgeoning middle class. |
| Ultrasonic had been enjoying steadily rising revenues and profits. | |
| Revenues had grown nearly 10% to 163.8m euros (£130.7m) over the last five years, while net income had risen nearly 14% to 35m euros. | Revenues had grown nearly 10% to 163.8m euros (£130.7m) over the last five years, while net income had risen nearly 14% to 35m euros. |
| In 2013, the company had over 100m euros of cash reserves. | In 2013, the company had over 100m euros of cash reserves. |
| Tuesday's share price collapse will have wiped about 57m euros off the company's stock market value. | Tuesday's share price collapse will have wiped about 57m euros off the company's stock market value. |
| Earlier this year, another Germany-listed Chinese manufacturer, Youbisheng Green Paper, said its chief executive had gone missing without explanation. | Earlier this year, another Germany-listed Chinese manufacturer, Youbisheng Green Paper, said its chief executive had gone missing without explanation. |
| It later initiated insolvency proceedings. | It later initiated insolvency proceedings. |