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Local investment company boss gets 5 1/2 years for manipulating stock market
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XU Xiang, the founder and general manager of Shanghai-based Zexi Investment, was sentenced to five years and six months imprisonment on stock manipulation, according to a court statement released today.
Xu, and two other accomplices, Wang Wei and Zhu Yong, pleaded guilty on charges of manipulating the market, said Qingdao Intermediate People's Court on its official micro blog account. All of the three defendants were fined for penalty, but the court didn't elaborate on the specific amount.
Between 2010 and 2015, Xu drove up share prices of 13 listed companies by fabricating non-public information together with Wang and Zhu, and made huge profits from such activities, the court said in an announcement.
"The illegal activities sabotaged country's normal order on securities trading, and posed bad influence and damage on country's management system of security transaction," according to the announcement.
Xu's case is one of the most high-profile cases amid China's stock market rout in the summer of 2015.
As the Shanghai Composite Index plunged 35 percent in three weeks during that period 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, according to listed firms’ quarterly reports and earlier media reports.
Xu, Wang and Zhu all pleaded guilty, according to the statement.
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