Minsheng stocks hit as ex-president investigated

Shares in China Minsheng Banking Corp fell sharply on Monday after its former president Mao Xiaofeng was taken away for investigation on Fri-day by the Central Commission for Discipline Inspection.

The corporation is China's first lender started by private investors.

Mao, 42, is suspected to have been involved in a major corruption scandal surrounding Ling Jihua, a former State official, CaixinMedia reported in Beijing on Saturday.