Frankfurt exchange’s China dream turns to nightmare

Traders are pictured at their desks in front of the DAX board at the Frankfurt stock exchangeBy Edward Taylor, Andreas Kröner, Christoph Steitz and John Ruwitch FRANKFURT/SHANGHAI (Reuters) – When Deutsche Boerse set off eight years ago to lure Chinese companies to Germany with fast listings and low fees, it dreamed of one day landing a giant like Alibaba . In the latest and most bizarre case, Ultrasonic, a small Chinese shoemaker listed on the Frankfurt Stock Exchange, announced last week that Wu Qingyong, the company’s chief executive, and his son had disappeared, along with $60 million from the company’s bank account. On Monday, Ultrasonic said Wu had contacted the group’s finance chief to say he would return to the company, along with the money.

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