Death of Chinese Tycoon Xie Triggers Selling in Firms He Controlled

Chinese investors monitor stock prices at a brokerage house in Beijing on Oct., 31, 2018. Mark Schiefelbein/AP

SHANGHAI—Shares of Chinese companies controlled by Zhongzhi Enterprise Group Co., Ltd., founder Xie Zhikun plunged on Monday, after the unexpected 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, 61, including education firm Dalian My Gym Education Technology Co., Ltd. and Xinjiang Zhundong Petroleum Technology Co., tumbled in morning trade, even as they say business activities are normal.