Biography/ Journey of Xu Xiang : Former Hedge Fund Manager
Biography of Xu Xiang :
Early Life and Entry into Stock Trading
Xu Xiang was born in February 1977 in Ningbo, Zhejiang
Province. At the age of 15, he bypassed the college entrance exams and ventured
into stock trading, using 30,000 yuan borrowed from his mother. This early
start marked the beginning of his journey in the financial world.
Rise to Prominence in Shanghai
In 2005, Xu moved to Shanghai, where he founded Zexi
Investment in 2009 with an initial capital of 30 million yuan. Under his
leadership, the firm grew significantly, with funds like Zexi No. 1 and No. 3
reportedly increasing by about 3,000% since 2010. By 2015, Xu had amassed a
personal fortune of approximately $2.2 billion, earning him nicknames such as
"China's Carl Icahn" and "China's Warren Buffett."
Biography/ Journey of Xu Xiang : Former Hedge Fund Manager / Life lessons / Strategies#age#net worth#investor#startup#Trader#stock market#fraud
Legal Troubles and Sentencing
In November 2015, Xu was arrested on charges of insider
trading and stock market manipulation. The Qingdao Intermediate People's Court
sentenced him to five and a half years in prison and imposed a record fine of
11 billion yuan ($1.6 billion). This case was one of the most high-profile
financial scandals in China at the time.
Post-Prison Developments
Xu was released from prison on July 9, 2021, after serving
his sentence. Following his release, he stepped down from his positions as the
legal representative and general manager of Zexi Investment. The company has
since undergone restructuring, and Xu's family assets, including approximately
21 billion yuan, were seized and frozen by judicial authorities.
Legacy and Impact
Xu Xiang's rise and fall serve as a cautionary tale in China's financial landscape, highlighting the risks associated with insider trading and market manipulation. His story underscores the importance of regulatory oversight and the consequences of unethical financial practices.
