> I, as a shareholder, do not care if the CEO is having an affair so long as the business is not affected.

This is actually a pretty challenging standard, because the moment the CEO tries to gaslight their spouse/partner that it's not an affair, they are already at risk of bringing the company into a deception: working late is almost always the cover, for one thing. But at that moment you have a substantially compromised person as a CEO.

This might seem a silly place to draw the line, but consider what the escalations are — the CEO's PA being asked to mislead the spouse, inventing a meeting they were at, inventing an away trip, etc. etc.; they always mount up. There is no executive who has an affair who doesn't pretend they are at work, and there's no pretence that doesn't ultimately put an employee in a difficult position.

It's entirely reasonable for a board to say that if the CEO or the chairman is having an affair it is their business.

And this is before you even consider that the affair is ordinarily likely to be with an employee.

Now, if a CEO at Huang's level of geopolitical importance is having an affair with anyone, it's the government's business, and the shareholders', because it makes them a (local and international, commercial and state-level) blackmail and espionage target even if they are not literally boffing a spy, which in this case he evidently is.

So yeah, it matters.