SHANGHAI, March 21 (Xinhua) -- Zexi, a Shanghai-based investment company, was struck off China’s list of legal private equity managers, the Asset Management Association of China said on March 20.
The announcement came after Xu Xiang, Zexi’s founder and general manager, was sentenced to five years and six months in prison in January for market manipulation.
The association noted the company was “unable to provide valid materials and annual report for its operation for three months.”
Zexi was among 24 private equity managers removed from the list, and has been listed as “out of contact” since April, according to the association. (Shanghai Daily)
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