In a further twist, the company had announced on Friday that COO Minghong Wu was to take a six-month leave of absence for health reasons and that his duties would be taken up by CEO Qinyong Wu. But now both have disappeared without a trace.
The company said its finance boss Chi Kwong Clifford Chan and the Supervisory Board are trying to track down the pair in collaboration with authorities and business partners and would update investors with progress.
Ultrasonic's share price plummeted 74.25pc to €1.68 (£1.34) following the announcement on Tuesday afternoon, wiping €58m off the company's market cap, which ended the day at €21.3m. Shares sank to €1.23 following the company's latest announcement and were trading at €1.47 by mid-afternoon.
Ultrasonic describes itself as a company that "designs, produces and sells sandals, slippers as wells as shoe soles...to the needs and taste of the growing urban middle class [in China]".
It employs around 1,450 staff and in 2012 made revenues of €149m and pre-tax profit of €41.8m, according to the company website.
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