Star fund manager pleads guilty to manipulation

Xu Xiang, a former hedge fund manager, has pleaded guilty to market manipulation, according to a statement by a court in Qingdao on Tuesday. It is one of the most high profile cases since China's stock market collapse last year.

Qingdao Intermediate People's Court said that Xu and two co-defendants were accused of conspiring with executives or others with financial control of 13 listed companies from 2010 to 2015 to manipulate share prices and trading volume by using insider information. The high-flying Xu was previously known as "hedge fund brother No 1".

Xu also was accused of using the information to direct the stock trades of some 100 people.