(Yicai Global) Oct. 31 -- Shares of Baofeng Group fell by the daily trading limit for a second day in a row after the internet video services provider said its entire senior management team had resigned.

The Beijing-based company's stock price [SHE:300431] slumped 10 percent to end the day at CNY4.67 (66 US cents). Its market value has shrunk by about 95 percent to CNY1.7 billion (USD241.4 million) from a peak of over CNY40 billion in 2015.

Deputy General Manager Zhang Pengyu, Chief Financial Officer Zhang Lina and securities representative Yu Zhaohui, in charge of information disclosure, have each quit, the firm said in a statement. Their departures follow the detention of company founder and President Feng Xin in July for suspected bribery.

The Shenzhen Stock Exchange wrote to Baofeng today, urging it to fill the vacancies as soon as possible to ensure stable operation.

The Shanghai city prosecutor issued a statement on Sept. 2 saying that Feng had been arrested on suspicion of bribery and embezzlement and the case was being investigated.

Baofeng Group said on Oct. 15 that it expected to post a nine-month loss of between CNY151 million (USD21.4 million) and CNY156 million, 32 percent to 34 percent wider than the CNY228 million loss reported a year earlier.

The Shenzhen Stock Exchange issued statements on Aug. 30, Sept. 5 and Sept. 11 to warn Baofeng that its shares are likely to be suspended. Under the bourse's rules, it can suspend the listing of a company's shares if the firm's net assets are negative at the end of 2019. Baofeng reported negative net assets of CNY239 million as of late June and that is unlikely to change this year.