SHARES of companies controlled by Zhongzhi Enterprise Group founder Xie Zhikun plunged yesterday, after the surprise death of the rags-to-riches tycoon triggered fears of disorder in a business empire spanning mining to asset management.

All nine listed companies controlled by Xie, including education firm Dalian My Gym Education Technology Co. and Xinjiang Zhundong Petroleum Technology Co., tumbled in morning trade yesterday, even as they say business activities are normal.

The Hong Kong-listed investment holding firm Zhongjin Technology Services Group dropped more than 60 percent, while Shenzhen-listed Success Electronics Co, a maker of liquid crystal display modules, lost 10 percent.

“Investors fear Xie’s death could lead to internal power struggles and management chaos, so they are dumping stocks,” Reuters quoted Yang Hongxun, an analyst at investment consultancy Shandong Shenguang, as saying.

Xie, 61, died of a heart attack in Beijing on Saturday night, according to a Zhongzhi statement.

Xie, who started as an entrepreneur in the timber business and real estate, founded Beijing-based Zhongzhi in 1995 and expanded it into a conglomerate with operations in the industrial sector, asset management, financial services and wealth management, according to its website.

Zhongzhi controls or owns stakes in six financial institutions, including Zhongrong International Trust and Hengqin Life Insurance, four asset management firms, and four wealth management companies. (SD-Agencies)