July 30 (NBD) -- On July 28, Baofeng Group, the operator of the player, announced that its actual controller Feng Xin was suspected of committing a crime and the police had taken mandatory measures. The company,once a rising star, is now losing steam.

Baofeng Group is also known as the first company that dismantled its VIE structure and turned to list in the A-share market.

In 2006, Feng acquired BaoFeng Player. In 2009, the number of BaoFeng Player users totalled 280 million with daily active users of 25 million. Only second to that of Tencent's messaging app QQ and download app Xunlei.

The stock price of Baofeng Group (3000431, SZ) surged to daily limit for 36 days in its first 40 trading day after going public with its highest market value being over 40 bln yuan.

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Email: tanyuhan@nbd.com.cn