The detention of “kamikaze” China hedge fund manager Xu Xiangfor alleged insider trading after a manhunt was front page news, but to industry insiders it was a downfall foretold.
Renowned as “captain” of the “Limit-up Kamikaze Squad”, a loose-knit group of fund managers centred on the port city of Ningbo, Mr Xu favoured bets that were big, bold and bountiful.
The squad’s nickname salutes its ability to push stocks up by the 10 per cent daily limit imposed by China exchanges.
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