WANG Cheng, deputy secretary-general of the Party committee of Anhui Province and former president of Anhui Conch Cement, is under investigation for possible breaches of the law.
Wang, 57, resigned from the cement giant on May 16 and has been in his post for less than a month. Until last year, Wang was mayor of Bengbu, a city 150 kilometers north of Anhui capital Hefei.
Conch Cement has recently been active in the capital market buying 5 percent of Jilin Yatai whose businesses include property development, cement manufacturing and securities. It also became the second-largest shareholder of developer China West Construction.
Conch Cement made revenue of 168 yuan last year, down 4.7 percent. Net profit was down 5.4 percent to 33 billion yuan.