The boss of one of China’s biggest companies has become the latest target of President Xi Jinping’s crackdown on corruption.

Chang Xiaobing quit as chairman and chief executive of China Telecom after his detention by Beijing authorities this week for “severe disciplinary violations”.

The state-owned company told the Hong Kong stock exchange Chang had quit in relation to the investigation.

“The board of directors hereby announces that Mr Chang Xiaobing has resigned from his positions as the executive director, chairman and chief executive officer of the company, with effect from 30 December 2015,” it said.



“Mr Chang has confirmed that he has no disagreement with the board and there is no other matter in relation to his resignation that should be brought to the attention of the shareholders of the company.”

A succession of business figures have been detained in recent months as Xi’s attempts to root out corruption intensifies.

In December, Guo Guangchang, head of Fosun group, China’s largest private sector conglomerate, was detained by police. He re-emerged three days later after “assisting in certain investigations”.

Also in December, two investment bankers from Citic securities firm were detained without explanation.

China Telecom shares fell slightly in Hong Kong.

Yang Jie, executive director, president and chief operating officer of the company, will take over until a permanent replacement for Chang was found, China Telecom said.

Xi became Communist party chief in November 2012 and immediately announced plans for a relentless assault on corruption.

“A mass of facts tells us that if corruption becomes increasingly serious, it will inevitably doom the party and the state,” he told the politburo, a group China’s 25 most senior leaders, during one of its first meetings. “We must be vigilant.”

Xi has since masterminded a once-unthinkable attack on some of the party’s most feared and powerful figures. In June, Zhou Yongkang, the former security tsar who once controlled China’s vast domestic security apparatus, was sentenced to life in prison for allegedly taking 129m yuan (£13.4m) in bribes.

The following month Ling Jihua, the former chief of staff to President Hu Jintao, was arrested and expelled from the party.

Senior military figures, including Guo Boxiong and Xu Caihou, were also toppled as Xi attempted to rein in corruption – and political rivals – within the People’s Liberation Army.

Yet Xi’s corruption campaign is no longer limited to those in government or the army. In February last year, Liu Han, a Ferrari-obsessed mining tycoon who had once been worth more than £4bn, was executed for alleged involvement in organised crime.

Since China’s stock market meltdown in July, dozens of top business figures have found themselves in Xi’s crosshairs, with many missing after questioning.

The brief and as yet unexplained detention of Guo Guangchang, a billionaire tycoon some call China’s Warren Buffett, this month has sent shockwaves through the international business community.

As Xi Jinping enters his fourth year in power there is little sign of his anti-corruption drive slowing. Some speculate whether Xi has Communist party titans such as former president Jiang Zemin or former prime minister Wen Jiabao in his sights.

Senior party leaders should “strictly educate and supervise” their children and family members, Xi told officials this week.

