Tycoon Mou, now 75, released from jail after serving 16 years of sentence

A wealthy Chinese business mogul was released from jail on Tuesday after completing a 16-year sentence, Chinese media reported.

At 6 am on Tuesday, Mou Qizhong, a well-known business tycoon, was freed from Hongshan Prison in Hubei province, China Business Journal reported, quoting Mou's lawyer, Xia Zongwei.

Later, Nande Group, the company Mou had led as chairman, also posted a notice of his release, the journal said.