Chang Xiaobing, the chairman of China's largest state-owned mobile operator, China Unicom,  is being investigated by for corruption by the Central Commission for Discipline Inspection (CCDI). The shares of China Unicom plummeted to HK$3.62 ($0.47) from HK$3.73 on Hong Kong's bourse after the news was made public.

Like Us on Facebook

China's anti-corruption watchdog said on its website that Chang is ''suspected of serious violation of discipline.''

Chang is the latest top official to be investigated for graft as Beijing intensifies its crackdown on corruption. More than 70 senior officials of state-owned firms have been investigated for corruption since 2014.

In October, the chairman of China National Petroleum Corporation Jiang Jiemin was arrested in October. He has been found guilty of graft and  will be jailed for 16 years.

In August, the chairman of China FAW Group Xu Jianyi was expelled from the ruling Communist Party of China (CPC) for embezzling funds and accepting bribes.

Earlier this month, former 21st Century chairman Shen Hao was sentenced to four years in jail for extortion and blackmail.

Meanwhile, the president of CITIC Securities Cheng Boming has been under investigation since September for trading insider information.

Few details have been provided regarding the investigation on Mr. Chang. However, the statement mentioned his position as the chairman of the country's second-largest mobile operator China Unicom.

Beijing's crackdown on criminal wrongdoings, particularly in high-profile cases, proves the government is serious about putting an end to corruption.

TagsTelecom, Chang Xiaobing, Corrupt Businessman