US$1b of shares frozen as China investigates hedge fund boss

Shanghai

CHINESE police have frozen US$1 billion of shares in listed companies as authorities probe Xu Xiang, one of the country'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 Mr Xu's Zexi Investment in Shanghai-based developer Deluxe Family Co, according to a stock exchange statement from Deluxe on Tuesday night. At Tuesday's closing price, that stake was worth 1.16 billion yuan (S$259 million.)