China-based outdoor footwear brand Ultrasonic has admitted its chief executive and chief operating officer have gone missing, as has most of its cash in China and Hong Kong.

The Germany-listed company said the cash is no longer in its “range of influence” and its share price fell 72% on Tuesday. The board of the $29.5 million company is in talks with authorities and business partners, trying to clarify the situation.

Ultrasonic’s production facilities are located in Fujian Province. Its shoes are sold through 100 mono-labelled shops in China and are also exported to Europe, Japan, Mexico, North America and South Korea.,

After growing more than 30% in the past three years, the company employs around 1,450.

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