The chairman of China Southern Airlines, Si Xianmin, is being investigated for "serious discipline violations", the ruling Communist Party's graft watchdog said on Wednesday.
"Discipline violations" is often used as a euphemism for corruption.
Chinese President Xi Jinping's ongoing corruption investigations have already ensnared top politicians, leaders of state enterprises and senior bankers. The party watchdog brought down more than 70 senior officials at state firms in 2014.
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China Southern, the country's largest airline by fleet size, saw its net profits more than triple in the first nine months of the year amid low fuel prices.
Si is also the general manager of China Southern Air Holding Company, the state-owned parent of the listed entity.
The graft probes are part of Xi's broader campaign to root out corruption at major state-run firms and within government ranks, including in the military and domestic security forces.