Former Chinese stock market wizard Xu Xiang was known for generating high returns, but the sentence following his recent trial for insider trading and stock manipulation set another kind of record. Given a five-and-a-half year prison term and 11 billion yuan ($1.6 billion) fine on Jan. 23, Xu's days as "Hedge Fund Brother No. 1" are well and truly over.
Xu is the highest-profile investor scalp yet in the clampdown following the mid-2015 collapse of China's stock market bubble. He was convicted of conspiring with controlling shareholders of 13 listed companies to manipulate company announcements, allowing him to dump holdings at a profit as the shares rallied.