In response to a report on Monday that Su Hua, chairman of Chinese short video platform Kuaishou, was taken away by Chinese authorities for investigation at the end of April, Kuaishou issued a statement on Monday denying the rumor.
Kuaishou said in the statement that the media outlet named “Xinwan” posted false information regarding Su Hua on its WeChat official account. Kuaishou has officially reported the case to the police and initiated legal proceedings.
Su Hua made a speech online at the Global Hunan Business Conference on May 23rd, which is his latest public appearance. On the evening of October 29 last year, Kuaishou announced that Su Hua had relinquished his role as CEO, and that Cheng Yixiao, another co-founder, executive director and chief product officer, had been appointed as CEO. The announcement said that Su remains the chairman, executive director, and member of the Remuneration Committee, and is in charge of the firm’s long-term strategy.
According to Kuaishou’s 2021 financial report, which is listed in Hong Kong, the total annual revenue of Kuaishou in 2021 reached 81.08 billion yuan ($12.19 billion), up 37.9% year-on-year. In particular, online marketing services have become the company’s largest source of revenue, with annual revenue increasing by 95.2% year-on-year to 42.665 billion yuan. In the field of e-commerce, the gross merchandise volume of Kuaishou reached 680 billion yuan, up 78.4% year-on-year.
In 2021, Kuaishou’s net loss reached 18.85 billion yuan, an increase of 139% year-on-year. During the conference all following the release of the most recent financial report, Jin Bing, chief financial officer of the company, said that they are confident that the adjusted net profit of Chinese business will turn positive this year.