Feng Xin, the founder of Chinese internet company Baofeng Group, has been taken into police custody, the company announced Sunday without elaborating.

Baofeng Group — whose businesses include online videos, virtual reality, and esports — said it is devising an emergency plan to deal with the situation and that its businesses are “operating normally.”

Founded in 2007, Baofeng Group is listed on ChiNext, the Nasdaq-style tech board of the Shenzhen Stock Exchange. Since the company went public in March 2015, its shares have risen by 3,300%.

In May 2016, Baofeng and a Chinese securities firm bought a majority stake in MP & Silva, an international sports marketing agency. According to financial news outlet Yicai, eight people including Feng are now under investigation on suspicion of bribery during the acquisition of MP & Silva. Authorities, however, have not disclosed details about the case. (Image: VCG)