Anta Sports Products denied reports that its chairman and CEO Ding Shizhong is implicated in a tax investigation in Quanzhou city, Fujian province, and said he maintains normal contact with his company. At the request of the sportswear manufacturer, its Hong Kong shares were suspended at 10.24am yesterday, after the stock fell 7.7 per cent to HK$15.02 amid heavy trading. In the 54 minutes between the market's opening and its trading suspension, 16.8 million shares changed hands. Trading of Anta shares will resume this morning, the company said last night. Various media articles including one published on the web portal Boxun on Wednesday alleged the Central Commission for Discipline Inspection (CCDI) and Chinese armed police have launched a tax corruption investigation into Cai Junwei, a former tax secretary of Quanzhou. According to these articles including Boxun, mainland armed police arrested Cai on November 12, and Cai contacted Ding while being arrested. The articles including Boxun alleged Ding is involved in this case and has since fled the mainland. The South China Morning Post is unable to verify the authenticity of Boxun's allegations. "The company does not possess any information about the incident and will not comment on the allegations against Mr Cai in the articles. Mr Ding has confirmed to the company he has not been involved in the incident and he has categorically denied the allegations. Mr Ding reports to the company as usual. The company has no business dealings or other relationship with Mr Cai," said Anta in an announcement issued yesterday evening. "The company would urge the media to report accurately and reserves the right to take legal action against any inaccurate reports," Anta warned. On October 20, Ding and some of his family members jointly sold 58.28 million Anta shares for HK$95.1 million, according to the Hong Kong Stock Exchange website. The 43-year-old Ding in 1998 won the award of "eminent young entrepreneur" of Jinjiang city, Fujian province, and was listed among the "top 10 eminent young entrepreneurs" of Fujian in 2000, according to Anta's 2013 annual report. He is the younger brother of Anta deputy chairman Ding Shijia, a cousin of Anta executive director Wang Wenmo and a brother-in-law of Anta chief operating officer Lai Shixian. In 2014, Ding's family ranked 757 on the Hurun rich list with an estimated wealth of 15 billion yuan.