While the news has yet to be confirmed, trouble reportedly started brewing two weeks ago when Sicong took to Weibo to question the efficacy of Lianhua Qingwen, a traditional Chinese medicine which is endorsed by the Chinese government and claims to treat symptoms of COVID-19.
He also called on the China Securities Regulatory Commission to investigate Chinese firm Yiling Pharmaceutical which manufactures the drug. As a result, shares of Yiling Pharmaceutical’s plunged more than 10 per cent, losing almost 7bil yuan in market value.
Rumours of Sicong's arrest and ban quickly sparked discussions online, with many netizens wondering if he has also been blacklisted on WeChat Moments. His Instagram account, which was last updated on Feb 15, is still active.
Chinese businessman Wang Sicong is known for flaunting his lavish lifestyle and speaking his mind on social media. However, it seems like his outspoken ways have landed him in really hot soup this time.
The 34-year-old, who is the son of billionaire tycoon Wang Jianlin, founder of Dalian Wanda Group and one of China’s richest men, has reportedly been arrested by Shanghai police on suspicion of picking quarrels and provoking trouble.