CHINA Baofeng CEO faces police action over suspected crimes

CHINA

Baofeng CEO faces police action over suspected crimes

China Daily

15:03, July 29, 2019

Feng Xin, chief executive officer of the Beijing-based internet entertainment and technology company Baofeng Group, has been placed under compulsory measures by police over suspected crimes, according to the company's announcement Sunday sent to the Shenzhen Stock Exchange.

5d3e8befa310d83045535003.jpeg

Feng Xin, chief executive officer of Baofeng Group, delivers a speech in Beijing, Jan 14, 2017. (Photo: IC)

The investigation is related to Feng's suspected bribery in a 2016 financing project for a Everbright Capital and Baofeng to jointly purchase the British sports copyright company MP & Silva Holding SA, according to Chinese financial news outlet Yicai.

Baofeng said on the announcement that it will strengthen its management to ensure the stability of the company and the normal operation of its business. It will draw up corresponding management methods and emergency plans to ensure the smooth running of the company's activities.

The company also said it will continue to pay attention to the progress of compulsory measures and fulfill its information disclosure obligations in a timely manner. Further disclosed information will be available at cninfo.com and China Securities Journal.

Baofeng reached the decline limit Monday shortly after opening at 5.67 yuan ($0.82) per share, dragging the total market value to 1.87 billion yuan.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue