Shares in China Telecom fell on Monday after the ruling Chinese Communist party said at the weekend that the state-owned group’s chief executive, Chang Xiaobing, was under investigation for “severe disciplinary violations”.
The phrase is a common euphemism for corruption in China and such announcements by the party’s Central Commission for Discipline Inspection are almost always followed, at a lag of many months, by expulsion from the party, formal charges by government prosecutors and conviction.
In a filing to the Hong Kong stock exchange on Sunday the company confirmed Mr Chang was under investigation but said business operations remained normal.
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