Hong Kong (CNN Business) A Chinese internet tycoon is being investigated by police on suspicion of committing a crime. It's at least the third time in a month that a top Chinese CEO has been subject to police action.

Feng Xin, chairman and CEO of Baofeng Group, has been "placed under coercive measures by the police due to suspected crime," the Beijing-based company said in a statement Sunday.

Under Chinese law, "coercive measures" include arrest, detention, questioning, placing someone under watch at their place of residence, or granting a suspect bail with restricted movement pending trial.

Baofeng did not elaborate on the nature of the allegation nor the police measures. The company added that the matter is pending further investigation by police, but that business operations remain normal.

The company did not immediately respond to a request from CNN Business for comment.