Two of the top executives at Ultrasonic AG, a Germany-listed footwear firm based in China, have disappeared - along with most of the company's cash funds.

Both the company's CEO, Qingyong Wu, and its COO, Minghong Wu, have been missing since the weekend, Ultrasonic said. The company's cash has also been transferred out of China and Hong Kong and is "no longer in the company's range of influence."

However, the German holding company said it has a "relevant six-figure amount in command" that means it is currently able to meet its payment obligations.

The disappearance follows an announcement on Friday (12 September) that the company's COO had to go to hospital "for medical treatment due to ongoing health problems" and would be taking a six-month leave of absence.

And in August, the company said it secured a $60m credit facility from Nomura International (Hong Kong) to fund growth, particularly through acquisitions.

The company's CFO and its supervisory board are now in talks with authorities and business partners, trying to gather further information to clarify the situation, a statement said.

Cologne based Ultrasonic is the German holding company of a Chinese manufacturer in in Fujian province, China and supplies high-quality branded urban footwear products. The shoes are sold in more than 100 Ultrasonic shops, mainly in department stores in Chinese tier 1 to tier 3 cities.

In 2013, the Ultrasonic Group generated a net profit of EUR35.0m (US$45.4m), as group revenues grew 9.9% to EUR163.8m.