Earlier this week Li Xiaopeng, former party chief and chairman of China Everbright Group, was expelled from the Chinese Communist Party (CCP) and his post.
Reasons cited were severe violations of party discipline and Chinese laws including accepting bribery, illegally holding stakes in non-listed companies, and power abuse.
The talk is now he is to be arrested.
China Everbright Group is a Chinese state-owned enterprise. Everbright Group was a subsidiary of Central Huijin Investment. The Ministry of Finance of China owned the rest of the stake, which Central Huijin acquired on 8 December 2014.
It has a listed company in Hong Kong with asset management and investment as its core business.