Tesco
The Fall of China’s Hedge-Fund King
Article

The Fall of China’s Hedge-Fund King

Xu Xiang was a legend in the country’s booming stock market – until the bubble he helped to create took him down with it.

Alex W. Palmer
New York Times Magazine, 2016
Read the article

Read or listen offline

автоматическое преобразование текста в аудио
  • 0.5×
  • 0.75×
  • 1×
  • 1.25×
  • 1.5×
  • 1.75×
1×
автоматическое преобразование текста в аудио

Editorial Rating

7

Qualities

  • Overview
  • Background

Recommendation

Picture a teenage boy from a humble neighborhood in China. His father is a factory worker, and his mother is a homemaker. The stock market is about as familiar to them as clouds are to fish. But this high school student starts reading books, attending lectures and, while still in school, investing in Shanghai’s nascent stock market. For decades, Xu Xiang was incredibly successful, managing vast funds for Chinese elites. Then it all came crashing down when the authorities arrested him for financial crimes. Alex W. Palmer reports from Beijing about the fall of “Xu the Legend.” getAbstract recommends this thoughtful profile on China’s erstwhile stock market tsar to readers with an interest in China’s financial markets.

Take-Aways

  • Xu Xiang wasn’t born into money; an early interest in Shanghai’s nascent stock market and a series of risky investments propelled him to extraordinary wealth.
  • Xu started Zexi, a hedge fund with anonymous clientele likely made up of Shanghai’s “princelings” – the grown children of wealthy Communist Party members.
  • Shanghai’s Stock Exchange index rose 11.6% in about five and a half years, but Zexi’s Fund No. 1 saw a return of more than 3,270%. Suspicion abounded.

About the Author

Alex W. Palmer is a journalist based in Beijing, China.

Comment on this summary or Начать обсуждение