The Chinese government is leading an investigation into Beijing's first art investment firm, the latest probe in its campaign to tackle corruption.

The Chinese government is leading an investigation into alleged corruption at Beijing's first art investment firm, the latest probe in its campaign to tackle corruption, according to media reports.

Beijing Bonwin Contemporary Art Investment, which was planning an initial public offering in Hong Kong later this year, is being investigated after concerns of tax issues and questionable valuations of artworks, according to the South China Morning Post. 

Its chairman, Huang Yujie, was recently detained in Beijing by local police and is said to be "assisting with an investigation", said the report.

The art investment firm had asked JP Morgan to advise on its flotation this year, but the US lender recently decided to sever ties with the company, effectively halting the plans.

The news comes after anti-corruption probes this year lead to detentions of two mainland bankers from Agricultural Bank of China and China Mingsheng Banking Corp, and property developer Wang Yao-hui, chairman of Zhonghui Guohua Industry Group.

Bonwin could not be reached for comment. JP Morgan did not immediately return calls for comment.