Xu Xiang
BornFebruary 1977 (age 47)[1]
Other namesXu Qiang (徐强)[2]
Big Xu[3]
EducationHigh school level
OccupationPrivate placement investor
SpouseYing Ying (应莹)
Parent(s)Xu Boliang (徐柏良, father)
Zheng Suzhen (郑素贞, mother)

Xu Xiang (Chinese: 徐翔; pinyin: Xú Xiáng; born February 1977 in Ningbo, Zhejiang) is a former Chinese private placement investor who served as General Manager of Zexi Investment (泽熙投资), a Chinese investment company. He has been variously called "China's Carl Icahn", "China's Warren Buffett", and "Big Man of Private Placement" (私募一哥) by fellow Chinese investors. On November 1, 2015, Xu Xiang was arrested by the police for insider trading.[4][3][5]

In 2017, Xu was sentenced to five and a half years in prison and fined 11 billion yuan.[6]


Early life

Xu Xiang was born in Ningbo, Zhejiang in 1977. In 1993, Xu skipped the college entrance exams and started investing in stocks, using money from his parents as initial capital at China Galaxy Securities's trading hall on South Liberation Road in Ningbo.[7] He was one of the most prominent investors in Zhejiang before 2000, with several hundred thousand yuan under his management.[1][8] In 2003, Xu was reported by the media for the first time as the "captain of the Limit-up Kamikaze Squad" (涨停板敢死队总舵主).[1][7]

Shanghai career

Xu Xiang moved to Shanghai in 2005. According to Economic Information Daily (经济参考报), Xu arrived at his office at 8.45am every day and often went to bed at around 2am. Studying stocks was his only hobby. He founded Zexi Investment in 2009 with 30 million yuan in registered capital.[8] According to the official website of Zexi Investment, the Zexi No. 1 Fund and the Zexi No. 3 Fund have both increased by about 3,000% since 2010. Xu and his relatives reportedly owned a combined fortune of US$2.2 billion.[3]

In July 2011, it was rumored that Zexi Investment was under investigation by China's regulatory authorities, but Xu denied any illegal operations.[9] In 2015, Xu reportedly manipulated the stock market during the stock market crash that summer.[10]

Arrest and trial

On November 1, 2015, Xu Xiang was arrested by the police for insider trading. To assist the arrest, the highway patrol sealed off the 35.4 km Hangzhou Bay Bridge for more than 30 minutes. Xinhua, the official news agency in China, released a brief statement after the arrest.[3] When Xu was arrested, he was on his way from Shanghai to Ningbo to celebrate his grandmother's birthday. Xu was later sent to Beijing by the police for interrogation.[11] Some media reported that Xu's arrest was linked to China's anti-corruption campaign.[12]

On April 29, 2016, Xu was formally charged with manipulating the securities market and insider trading.[13]

On January 23, 2017, Xu was sentenced to five and a half years in prison and was fined 11 billion yuan (US$1.6 billion).[6]

On July 9, 2021, Xu was released from prison after serving his five and a half years sentence.[14]


Xu's father, Xu Boliang (徐柏良), was the legal representative of Zetian Investment.[15] His mother, Zheng Suzhen (郑素贞), held some stocks. Her stocks were frozen until November 2017. Xu's family controlled Ningbo Zhongbai (宁波中百), a department store in China.[16] He is married to Ying Ying (应莹).[17]


  1. ^ a b c d "Private prisoner from death squads to a brother Xu Xiang curtain call". Sunning View. November 3, 2015. Archived from the original on November 24, 2015.
  2. ^ "草根徐翔的逆袭之路". Hexun. November 6, 2015. Retrieved November 23, 2015.
  3. ^ a b c d "Top fund manager nabbed in China graft probe". The Straits Times. November 4, 2015. Retrieved November 23, 2015.
  4. ^ "中國「私募一哥」涉內線交易 遭警方帶走". Apple Daily (Taiwan). November 2, 2015. Retrieved November 23, 2015.
  5. ^ Ren, Daniel (3 November 2015). "Billionaire hedge fund manager known as 'China's Warren Buffett' in dramatic highway arrest for insider trading: Investment wizard likened to Warren Buffett is latest casualty in probe of market irregularities". South China Morning Post. Retrieved 17 January 2016.
  6. ^ a b Chinese trader Xu Xiang jailed, $2.3b in fines handed out
  7. ^ a b "China's 'Limit-up Kamikazes' thrived in wild-west stock market". Financial Post. November 4, 2015. Retrieved November 23, 2015.
  8. ^ a b "Zexi Investment's Xu Xiang: The self-made man with the Midas touch". South China Morning Post. November 4, 2015. Retrieved November 23, 2015.
  9. ^ "泽熙徐翔等人被警方依法调查 涉嫌三大罪名".
  10. ^ "In China's Widening Stock Crackdown, It's 'Kill the Chicken to Scare the Monkey'". The Wall Street Journal. November 12, 2015. Retrieved November 23, 2015.
  11. ^ "徐翔被捕"致泽熙停止运转 背后或涉及多名部级官员". sohu.com.
  12. ^ "The anti-corruption campaign sweeping China is coming for the finance sector — and they should be terrified". Business Insider. November 16, 2015. Retrieved November 23, 2015.
  13. ^ "'China's Warren Buffett' formally arrested on charges of manipulating securities market and inside trading". South China Morning Post. April 29, 2016. Retrieved April 29, 2016.
  14. ^ "昔日私募一哥徐翔今日出狱 徐翔家人:"通知了,周五去接"". 新浪财经综合. 2021-07-09. Retrieved 2021-07-09.
  15. ^ "徐翔父亲被挖出实际控制宁波中百". qq.com.
  16. ^ "Stocks Associated With Arrested China Fund Manager Soar After Holdings Frozen". Forbes. November 10, 2015. Retrieved November 23, 2015.
  17. ^ "炒股一家亲 那些有钱又任性的牛散们". Xinhua News Agency. Archived from the original on 2014-12-09.