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$1 Billion of Shares Frozen as China Hedge Fund Boss Xu Probed

By Tony Seruga

Xu investigated for insider trading, stock manipulation
Corruption checks underway across China’s financial industry

Chinese police have frozen $1 billion of shares in listed companies as authorities probeXu Xiang, one of the nation’s best-known hedge fund bosses, for alleged insider trading and stock manipulation.

Authorities slapped a two-year freeze on 90 million shares held by Xu’s Zexi Investment in Shanghai-based developer Deluxe Family Co., according to a stock-exchange statement from Deluxe on Tuesday night. At yesterday’s closing price, that stake was worth 1.16 billion yuan ($182 million.)…

$1 Billion of Shares Frozen as China Hedge Fund Boss Xu Probed

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