Mystery $33 Billion Medicine Fortune Collapses in Days (1)

When Yat-Gai Au was worth $33 billion on paper, he wasn’t in his Hong Kong office.

One week later, when his net worth plunged to $10.1 billion, he wasn’t around either.

Officers at the headquarters of Regencell Bioscience Holdings Ltd said both times that Au only takes short visits there, before turning away reporters. The firm, a Nasdaq-listed, Cayman Islands-incorporated traditional Chinese medicine company, occupies the whole 9th floor of a tower in Hong Kong’s bustling Causeway Bay, including a reception area with a large table-tennis table.

Little is still known about the tiny, money-losing company whose shares exploded 82,000% ...