Shenzhou International CEO loses $752 million due to pandemic
Ma Jianrong, head of Shenzhou International, an apparel supplier for Nike and Adidas, has lost several million dollars due to the coronavirus pandemic.
Jianrong's fortune fell by $752 million amid reports of the production suspension at Shenzhou International factories in the Chinese city of Ningbo due to COVID-19. Following the news about lockdown measures, the company's shares plunged as much as 10%.
Notably, in the Chinese district of Ningbo, where the production sites of Shenzhou International are located, 10 new cases of coronavirus infection were found. To prevent an increase in the number of patients, the local authorities announced a lockdown and began testing residents. In this regard, the company announced a suspension of production. Shenzhou officials said they would provide further details after the local government announced preventative measures for COVID-19.
Shenzhou International is one of the largest manufacturers and exporters of sportswear for international brands including Nike, Adidas, and Uniqlo.