A Chinese blogger whose site became popular for its stock tips has been arrested, the Financial Times reported. Wang Xiujie's detention, which came after an investigation into his unauthorized investment consulting business, poses a potential threat to the host of stock advisory companies and private "hedge funds" that have sprung up in response to the rise of the A-share market. As yet, no charges have been filed against Wang. His site, Daitou Dage 777, was set up in 2005 and claims to have received more than 33 million hits. Local media reports noted that Wang, who has said he was a stockbroker in the 1990s, has made US$1.3 million through individual consultancy deals. According to some estimates, private investment funds – run by a mixture of financial sector professionals and newcomers working with friends' and families' savings – have US$50 billion under management.