A Chinese technology billionaire has found himself at the centre of a growing scandal after videos allegedly showing him kissing a woman in a lift surfaced online, triggering widespread speculation about an extramarital affair and sending his company’s share price tumbling.
The controversy involves 54-year-old Chen Tao, founder and chairman of Chinese electronics manufacturer Victory Giant Technology, a key supplier of printed circuit boards used by American artificial intelligence giant Nvidia.
What began as an online gossip storm quickly escalated into a financial headache, with investors reacting sharply to the allegations and wiping billions off the company’s market value within a single trading session.
Viral Posts Fuel Allegations
According to reports from Chinese media, the controversy erupted on 6 June when a social media user operating under the name “Zhen Zhen Janice” began publishing screenshots of what were claimed to be private conversations with Chen.
The account also uploaded footage reportedly captured by a surveillance camera, showing a man believed to be Chen embracing and kissing a woman inside a lift.
The woman behind the posts allegedly claimed she had been romantically involved with the married businessman, sparking intense discussion across Chinese social media platforms.
As the allegations spread, internet users closely scrutinised the footage and accompanying messages, fuelling rumours surrounding the billionaire’s private life.
Investors React As Shares Slide
The market response was swift.
On 8 June, just two days after the posts first appeared online, Victory Giant Technology’s share price fell by more than nine per cent during trading.
The sharp decline erased over 20 billion yuan (approximately S$3.79 billion) from the company’s market capitalisation, highlighting how personal controversies involving high-profile corporate leaders can affect investor confidence.
While the stock managed to recover some of its losses the following day, the incident underscored the sensitivity of financial markets to reputational risks.
In response to media enquiries, Victory Giant stated that the allegations were unrelated to the company’s operations and would not impact its business performance.
From Electronics Supplier To AI Industry Heavyweight
Victory Giant Technology has experienced significant growth in recent years, largely due to increasing demand from the global artificial intelligence sector.
The company supplies advanced printed circuit boards used in AI-related hardware and has reportedly become one of Nvidia’s important supply chain partners.
Its rapid rise has transformed the firm into one of China’s major technology players, with a market valuation estimated at around 360 billion yuan (approximately S$68.3 billion).
The company’s success has also dramatically boosted the wealth of Chen and his family.
According to Chinese wealth rankings published in 2025, Chen and his wife were reported to possess a combined family fortune of approximately 65 billion yuan (S$12.3 billion), making them the richest residents of Huizhou in Guangdong Province, where Victory Giant is headquartered.
Billionaire Status Remains Intact
Despite the recent controversy and temporary stock market losses, Chen remains one of China’s wealthiest entrepreneurs.
Figures published by Forbes indicate that as of 11 June 2026, Chen Tao and his family have an estimated net worth of US$11.7 billion (around S$15 billion).
While the scandal continues to generate headlines online, analysts note that the company’s long-term performance is likely to remain tied to demand from the booming AI industry rather than developments in Chen’s personal life.
Nevertheless, the episode serves as another reminder that for high-profile business leaders, personal controversies can quickly become corporate problems, especially when billions of dollars in shareholder value are at stake.