CEO's Mystery $42 Billion Chinese Medical Fortune Collapses Within Days

Money-losing Regencell Bioscience's shares had surged 82,000% before recent plunge

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HONG KONG - When Mr Au Yat-Gai was worth US$33 billion (S$42 billion) on paper, he was not in his Hong Kong office.

One week later, when his net worth plunged to US$10.1 billion, he was not around either.

Shares of Regencell Bioscience Holdings, the Nasdaq-listed company he founded, have plunged to US$20.19 as at June 27 from a high of US$78 on June 17.

Officers at the headquarters of Regencell said both times that Mr Au makes only short visits there, before turning away reporters.

The traditional Chinese medicine (TCM) company, incorporated in the Cayman Islands, occupies the whole ninth floor of a tower in Hong Kong's bustling Causeway Bay, including a reception area with a large table tennis table.

Little is known about the tiny, money-losing company whose shares exploded 82,000 per cent higher and suddenly made Mr Au, its chief executive officer with an 86 per cent stake, richer on paper than some of the city's tycoons like Mr Li Ka-shing.

The fleeting nature of its rip-roaring rally has captivated and mystified observers, from those in the US to Hong Kong.

Morning Brew, a popular business account on social media platform X, flagged its stock move and wondered: "Is there something I'm missing?"

Regulators in the US, which closely monitor wild swings in stock prices, might soon be asking the same question, according to experts.