A wide-reaching anti-corruption crackdown led by Chinese President Xi Jinping has snared dozens of executives at state companies. Chinese state media said in 2013 that Xiao controlled nine publicly listed companies and had stakes in more than 30 financial institutions.
The New York Times reported in 2014 that a company Xiao co-founded paid $2.4 million to buy shares in an investment firm held by Xi's sister and brother-in-law.
Rupert Hoogewerf, the Hurun Report's publisher, said Xiao holds the reputation of a "maverick visionary" who makes major decisions on his own and has gone to lengths to obscure Tomorrow Group's holdings, which include banks and securities companies.
"He's one of the kings of capital of China," Hoogewerf said. "There's not many people moving money in the same way."More in AP.
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