From Financial Times:
China’s proliferation of unregulated investment advice companies and private “hedge funds” could be under threat after the arrest of a blogger whose online stock tips made his site one of the country’s most popular.
Wang Xiujie, 35, was arrested in the north-eastern city of Changchun after an investigation into his unauthorised investment consulting business, Xinhua news agency reported. No charges have yet been filed. The popularity of Mr Wang’s blog turned him into one of the phenomena of China’s recent stock market frenzy, in which millions of new investors opened share trading accounts. His blog is one of many unlicensed investment advice and fund management operations to have sprung up over the past 18 months and which have begun to attract the attention of regulators. Mr Wang set up his stock-tip site in 2005 under the name Daitou Dage 777 – which means “senior big brother” and is the name of a famous kung fu character. [Full Text]
See also: Stock tip blogger detained in China from Associated Press.
