Xu Xiang, a former private equity brother, was released from prison today
A person familiar with the matter told time weekly that Xu Xiang’s wife Ying Ying confirmed the news and said she would not pick him up.
Even a few years away from the A-share market, Xu Xiang is still a hot topic in the asset management industry. After regaining his freedom, whether he can make a comeback in the investment circle has been debated in the industry.
Hot discussion on getting out of prison
Many people compare Xu Xiang’s release with Huang Guangyu’s. Huang Guangyu’s advice after his release from prison seems to be a reference sample.
A senior industry insider told time weekly that the two were indeed comparable in terms of their position in the industry before they were jailed. Both of them were born in grass roots, and were in jail when their career was booming. However, the two men were in a very different situation after they were jailed. Gome still kept its basic business after Huang Guangyu was jailed, but many of Xu Xiang’s industries have not yet been screened.
As a business legend, Huang Guangyu was jailed in November 2008. According to the court’s judgment, Huang Guangyu was sentenced to 14 years’ imprisonment, a fine of 600 million yuan and confiscation of 200 million yuan for illegal business operation, insider trading and bribery.
As the founder and helmsman of Gome, after Huang Guangyu was imprisoned, Gome had a period of chaos. The “dispute between Huang and Chen”, which started in May 2010, once gave the outside world a sense of uncertainty. Soon after, the storm ended with Huang Guangyu’s wife cuckoo taking full control of Gome.
Xu Xiang, the “private equity brother”, was taken away by the judicial department on the Hangzhou Bay Cross Sea Bridge in Ningbo in November 2015. Since then, the myth of Zexi has been shattered.
In January 2017, Xu Xiang’s case of manipulating the securities market was pronounced in the first instance of Qingdao intermediate people’s court. Xu Xiang was sentenced to five years and six months’ imprisonment, confiscated 9.337 billion yuan of illegal income and fined 11 billion yuan. Xu Xiang gave up his appeal before the deadline and the judgment came into effect.
Different from Huang Guangyu’s case, which didn’t tangle too much about the fine, the property screening in Xu Xiang’s case progressed slowly. In response to the judgment of the first instance, Xu Xiang’s parents publicly expressed that they did not approve of the illegal income determined.
Reprint indicated source：Spark Global Limited information