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It later recovered some ground, closing 19 per cent lower at 5.68 yuan.

On Thursday morning, the stock fell further, down 37 per cent to trade at 3.6 yuan.

In 2016, the industry’s market size reached 3.4 billion yuan, almost tripling 2014’s 1.2 billion yuan, according to a recent estimate by private research firm Analysys International.

“I believe this is the first time [there has been such a scheme] only tailored for wealthy women,” Mr Du told The Daily Telegraph this week during a visit to Shanghai, one of the cities he is tapping for potential husbands.

In it, he claims Zhai, whom he had married after dating for two months, drove him to despair by demanding 10 million yuan from him in return for her silence over taxes she said he owed.Laura He is a senior correspondent based in Hong Kong.She covers capital markets and business in Greater China, including IPOs, secondary markets, private company fundraising and other corporate news in the financial and tech sectors.Prior to Forbes, Laura served as an editor for Xinhua News Agency in Beijing, and later became an anchor and chief financial correspondent for Xinhua in Hong Kong.She has an MA in digital communication from Stanford University.