(Yicai Global) Aug. 1 -- Chinese online video firm Baofeng Group has confirmed the reason police have detained its Chairman Feng Xin is alleged bribery of non-government workers.
The Beijing-based firm has not received notice that police will investigate the company itself, it told the Shenzhen Stock Exchange in response to a letter of concern.
Baofeng announced on July 28 that Feng had been taken into custody but did not elaborate on why, saying only that authorities would investigate where needed.
A source familiar with the matter had told Yicai Global that Feng was detained for making a bribe during Baofeng and Everbright Capital Investment's 2016 acquisition of British sports copyright firm MP & Silva Holdings.
Editor: James Boynton