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Alternative Market Briefing

Chinese police freeze shares by mother of hedge fund manager Xu Xiang

Tuesday, November 10, 2015

Komfie Manalo, Opalesque Asia:

The Chinese police on Tuesday ordered a two-year freeze on the more than $670 million of shares owned by the mother of Xu Xiang, the Shanghai-based hedge fund manager and general manager of Zexi Investment, reported Bloomberg.

Zexi’s office was raided by the Shanghai police on Nov. 1 and detained Xu on suspicion he was engaged in insider trading and stock manipulation that influenced the stock market selloff in China.

Two companies, retailing firm Wenfeng Great World Chain Development Corp. in Nantong in Jiangsu province and technology firm Daheng New Epoch Technology Inc. in Beijing, have reported the freeze on stakes held by Xu’s mother, Zheng Suzhen, to the Shanghai stock exchange. However, Zheng is not included in the investigation.

Zheng has 275 million shares in retailing firm Wenfeng Great worth $340 million and is the biggest shareholder at Daheng New Epoch with 129.96 million shares valued at $336.22 million. The shares of both Wenfeng and Daheng jumped 10% on Tuesday after the freeze.

Prior to his arrest, Xu was managing four of the top 10 performing hedge fu......................

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