China fund manager arrested after market crash admits to manipulation
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Shanghai
A WELL-KNOWN Chinese hedge fund manager detained last year in a crackdown on financial crimes in the wake of a stock market crash has pleaded guilty to manipulating the market, according to the court where he is standing trial.
Xu Xiang, general manager of Shanghai-based Zexi Investment, who earned nicknames like "Hedge Fund Brother No1" and "China's Carl Icahn" in local media, was detained in November 2015.
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