BEIJING (AP) - China's Public Security Ministry says high-profile investor Xu Xiang has been detained on suspicion of insider trading.
BEIJING (AP) — China's Public Security Ministry says high-profile investor Xu Xiang has been detained on suspicion of insider trading.
A brief statement issued through the official Xinhua News Agency said Xu was suspected of illegally obtaining inside information about the stock market and manipulating prices.
His detention follows a massive decline in stock prices over the summer blamed on a government-promoted bubble. President Xi Jinping has also been pursuing a sweeping anti-corruption campaign.
Xinhua said Xu and several other unnamed individuals had been placed under "coercive measures" over recent days. It said matters related to Xu's Zexi investment group based in the financial center of Shanghai were being rigorously investigated.
It wasn't immediately clear whether Xu had been formally arrested.