Billionaire fund manager Xu Xiang of Zexi Investment has been detained on charges of insider trading, The New York Times reported, citing state media. While the Shanghai composite index has risen less than 3% so far this year, the Zexi No.1 Fund, which works with a subsidiary of the state-owned conglomerate China Resources, gained 323% through Friday; it has risen 3,270% since its inception in 2010, according to figures on the company’s website obtained before it was taken down on Monday. The firm’s performance was the subject of intense market speculation in September, when a post on social media accused the firm of manipulation.
Copyright © 2018 SinoMedia Group Limited All rights reserved
You must log in to post a comment.