One of China's biggest hedge fund managers hit with record fine
One of China's biggest hedge fund managers, Xu Xiang, has been hit with a record CNY11bn ($1.6bn) fine by the courts. Xu Xiang, who's Shanghai Zexi Investment fund has over CNY20bn in assets under management, has been jailed after being found guilty of insider trading and market manipulation as China looks to crack down on financial malpractice.
An investor walks past a stock screen in Shenyang on July 30, 2015 when the Shanghai Composite Index fell 2.2 per cent. Contrary to global norms, China’s stock market displays gains in red, losses in green. Photo: Xinhua.