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.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
-
Grand Choice
Contest by
InstaForexInstaForex always strives to help you
fulfill your biggest dreams.JOIN CONTEST -
Chancy DepositDeposit your account with $3,000 and get $1000 more!
In April we raffle $1000 within the Chancy Deposit campaign!
Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.JOIN CONTEST -
Trade Wise, Win DeviceTop up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.JOIN CONTEST