Married Chinese billionaire seen kissing woman in lift, infidelity rumours wipe S$3.79 billion off company's stocks

A self-made billionaire of a Chinese company recently became embroiled in an extramarital scandal after a video purporting to show him behaving intimately with a woman in a lift circulated online.

The rumours caused his company's stocks to fall by more than 20 billion yuan (S$3.79 billion).

The billionaire at the centre of the rumours is Chen Tao, 54, who is chairman and founder of Victory Giant Technology.

Victory Giant is known for supplying printed circuit boards to America's AI giant, Nvidia.

Online accusations and video

According to Lianhe Zaobao, citing Chinese media outlets, on Jun. 6, 2026, an account going by the handle "Zhen Zhen Janice" (transliteration) began uploading private messages allegedly exchanged with Chen.

One of the posts also featured a closed-circuit television footage in which Chen could be seen hugging and kissing a woman.

The user claimed to be romantically involved with the businessman, HK01 reported.

Chen is married.

Stocks tumbled

On Jun. 8, two days after the posts began circulating, Victory Giant's share price fell by more than 9 per cent in a day, wiping 20 billion yuan (S$3.79 billion) from the company's market valuation.

However, the stock rebounded the next day on Jun. 9.

In response to media queries, the company stated that the rumours have nothing to do with and will not affect the company's operations.

After becoming one of Nvidia's core suppliers, Victory Giant became a business heavyweight with a market valuation of about 360 billion yuan (S$68.3 billion).

The wealth of Chen and his wife surged along with the company's success.

In a 2025 list that ranks the wealth of Chinese individuals, the couple was reported to have a family wealth of 65 billion yuan (S$12.3 billion), according to HK01.

This made them the wealthiest people in China's Huizhou, Guangdong, where Victory Giant is based.

According to Forbes, as of Jun. 11, 2026, Chen Tao and his family have a net worth of US$11.7 billion (S$15 billion).