Exclusive | Chinese tycoon Xiao Jianhua could face trial ‘soon’ for stock manipulation, sources say
Billionaire has not been seen in public since disappearing from a luxury Hong Kong hotel in January 2017
Xiao Jianhua, the Chinese billionaire who vanished from a luxury Hong Kong hotel over the 2017 Lunar New Year break, is about to face trial in Shanghai charged with stock price manipulation and bribery.
A pre-trial meeting – similar to a preliminary hearing – was held earlier this month, a step that signals the end is near for one of the most dramatic and complicated cases in Chinese President Xi Jinping’s crackdown on the country’s wayward tycoons.
A source said there might be additional rounds of hearings before Xiao’s case was brought to trial but that he was likely to be charged with two crimes – “manipulating stock and futures markets” and “offering bribes on behalf of institutions”.
The pre-trial meeting in Shanghai was confirmed by two sources, while a third said Xiao’s trial could start within days.
However, a person familiar with Xiao’s case said the investigation could take more time and a formal trial might be later than expected.