China fund manager, arrested after market crash, admits to manipulation: court

A well-known Chinese hedge fund manager detained last year in a crackdown on financial crimes in the wake of a stock market crash has pleaded guilty to manipulating the market, according to the court where he is standing trial. Xu Xiang, general manager of Shanghai-based Zexi Investment, who earned nicknames like "Hedge Fund Brother No.1" and "China's Carl Icahn" in local media, was detained in November 2015. Xu and two others standing trial pleaded guilty to manipulating the stock market and as