SOURCE / ECONOMY
Embattled Chinese actress Zhao Wei and her husband being sued again over contract of guaranty dispute
Published: Oct 12, 2021 05:38 PM
Zhao Wei Photo: VCG

Zhao Wei Photo: VCG



Embattled Chinese actress Zhao Wei and her husband, businessman Huang Youlong, have been sued by investment institution China Minsheng Trust over a contract of guaranty dispute. The case will be heard in an open court session at the Beijing No. 4 Intermediate People's Court on November 8. 

In addition to Zhao and Huang, Chinese entrepreneur Shi Yuzhu was also among the defendants being sued by China Minsheng Trust, according to the latest update of the court session announcement.

This is not the first time that China Minsheng Trust sued Zhao. In June, the company also sued Zhao and Hebao Entertainment Group over a contract of guaranty dispute. Zhao holds 4.15 percent shares of Hebao Entertainment Group, which is worth around 5 million yuan ($774,000). Her stock rights were frozen in that instance, according to media reports.

In addition to Hebao, Zhao's stocks in other four companies, out of the seven companies still active in which she remains a shareholder, have also been frozen in April, including Pulinsaisi, Zhao's performance agency which signed Chinese actor Zhang Zhehan last year. Zhang posted for pictures at Japan's Yasukuni Shrine and was banned by China's entertainment industry in August following well-documented public outrage.

Two weeks after Zhang's industry ban, Zhao also faced a harsh public response. Many netizens unveiled that Zhao wore a Japanese military flag on her costume in 2001, which sparked a wave of public criticism.

At the same time, her name was removed from many of the works she starred in on major Chinese video platforms, and many of the films, talk shows and TV series she had appeared in were also removed from the platforms.

Zhao was once dubbed as the "woman Buffett" for her multiple successful investments in the entertainment industry. Together with her husband Huang, they once built up an estimated 7 billion yuan in wealth and were ranked 567 in the 2017 list of Hurun Report's China's richest.

However, Zhao and Huang were fined by Chinese securities regulator 300,000 yuan each in 2017, ending their eye-catching rise to wealth and fame. The couple was banned from trading in the stock market for five years by Chinese regulator, citing their disclosure irregularities relating to a takeover bid of a firm. 

Global Times


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