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Economics

Xi’s Warning to Investors: Any Chinese Billionaire Could Fall

  • Globe-trotting energy tycoon investigated by authorities
  • Xi has boosted power, sought to rein in financial risks
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Xi fires a warning shot at dealmakers doing business with Chinese billionaires. Bloomberg’s Daniel Ten Kate reports.(Source: Bloomberg)
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President Xi Jinping’s government has fired another warning shot at global dealmakers doing business with Chinese billionaires: Not even the most well-connected tycoons are safe.

Ye Jianming, a globe-trotting Chinese tycoon who runs the conglomerate CEFC China Energy Co., has been investigated by authorities, according to people with knowledge of the situation. The news, first reported by local media outlet Caixin, comes shortly after Xi’s government seized Anbang Insurance Group Co., a global empire whose once-influential founder, Wu Xiaohui, is detained while facing fraud charges.