One of China's richest businessmen was shot dead in his office yesterday, according to official reports. Li Haicang, president of Shanxi Haixin Group, a steelmaker based in Yuncheng city of Wenxi County, was shot several times in the head. Xinhua last night identified his killer as Feng Yinliang, a self-employed businessman. It said Feng killed himself after shooting Li. No motive for the shooting was given. Feng's wife, whose name was not given, was arrested for illegal possession of firearms. An earlier report by China News Service said Li had been killed by three gunmen. Unconfirmed reports said a hunting gun had been found at the scene . According to China News Service, the shooting happened yesterday morning at Li's company office. A police officer confirmed the shooting took place but declined to give further details. 'We found two dead bodies in Li's office. One was Li himself, the other was the suspect,' he said. Government leaders in Shanxi were reportedly shocked by the shooting and had ordered a full investigation. Last year, Forbes magazine ranked the 47-year-old businessman as China's 27th richest person and estimated his company to be worth US$195 million (HK$1.5 billion). In recent years, Li had started to make his name in politics. Three months ago, he was elected a vice-chairman of the All-China Federation of Industry and Commerce - China's top body representing industrialists and businessmen. He was also a member of the Chinese People's Political Consultative Conference, which advises the Communist Party. His company, which had sales of US$310 million last year, employs 7,300 people. It is now Shanxi's second biggest steelmaker after market leader Taiyuan Steelworks.