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November 11, 2016

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Xu charged with fixing market

XU Xiang, the founder and general manager of Shanghai-based Zexi Investment, has been charged with alleged insider trading and manipulating the securities market, the Qingdao People’s Procuratorate in Shandong Province said yesterday.

The authorities alleged funds managed by Zexi Investment held large holdings in several stocks that tumbled in the stock market turmoil in the summer of 2015, according to data in the listed firms’ quarterly reports. These stocks were subsequently rescued by a national fund set up by the central government to bring stability to the stock market.

As the Shanghai Composite Index plunged 35 percent in three weeks amid the crash that wiped out over 33 trillion yuan (US$5 trillion) worth of shares, five of Zexi’s funds reported at least 20 percent growth in net asset value.


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