Piano school folds, CEO disappears

Thousands of Xingkong customers suffer losses as 60 centers are closed

Thousands of parents suffered losses as Xingkong, a well-known piano training institute, closed all its 60 centers across China on Sept 2. Its CEO, Zhou Kaicheng, disappeared on Wednesday.

In late August, a mother in Beijing surnamed Xie paid 40,000 yuan ($6,000) for a two-year course of piano lessons and rental of a piano for her daughter. However, the piano failed to materialize and the 6-year-old didn't get any lessons.