Nasdaq’s stake in Huazhu Group, one Nasdaq-Listed Chain of China’s largest hotel chains, fell more than 3 percent this morning after announcing that billionaire CEO and founder Ji Qi was stepping down “for personal reasons” from October. 1. (See statement here.)
Ji, 54, has a net worth of $3.5 billion on Forbes’ list of real-time billionaires today.
Hui Jin, the current president, will succeed Ji as CEO; G Nasdaq-Listed Chain remains the chairman. Huazhu operates more than 7,000 hotels in 17 countries and has approximately $30 billion market capitalization.
Ji’s release comes as the Covid-19 outbreak hits China’s transportation industry, consumer sentiment, and economic growth in the country. According to a government report (see post here), passenger traffic fell 51 percent last month compared to the previous year.
Ji’s ascension as chief executive comes amid a high-level change in tone and leadership at Chinese high-tech companies, including Pinduoduo and ByteDance, amid a “co-prosperity” campaign aimed at strengthening government control over large private sector firms, education, and other fields.
Ji is also the founder of Trip.com, China’s largest online travel website. China is home to the world’s second-largest billionaire after the United States.