The chief executive and chief operating officer of Chinese shoe firm Ultrasonic have vanished along with its cash reserves in China and Hong Kong.

The German-listed company said that Qingyong Wu and Minghong Wu, had "apparently left their homes and are not traceable". All of its reserves in China and Hong Kong had been transferred outside the company’s “range of influence”.

It added that its chief financial officer and the supervisory board were in emergency meetings with relevant authorities to clarify the situation, although it still has a “relevant six-figure amount" of money under its control.

Ultrasonic has seen rising revenues and profits in recent times and in 2013, the company had over Eu100m of cash reserves.