Chinese authorities have detained the leading light of the “Limit-up Kamikaze Squad”, a group of hedge fund managers known for their fearless speculation.
Xu Xiang, a billionaire who is general manager of Zexi Investment Management, was apprehended on suspicion of insider trading after a police manhunt.
He was “captain” of the loose collection of fund managers centred on the coastal city of Ningbo in eastern Zhejiang province who are known for pushing favoured stocks up by the 10 per cent daily limit on Chinese exchanges.
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