Street Journal reported.
Xiao has told his family to have faith"in the Chinese government and Chinese law", the Journal quoted his older brother, Mr Xiao Xinhua, as saying. The case was"very complicated and full of drama", he added in the report published late Thursday . China's central bank later identified Tomorrow Group, the investment conglomerate owned by Xiao as one of several"financial holding companies" that should be scrutinised in their ownership structure, related transactions and source of funding.
The government's move came as the authorities stepped up efforts to maintain financial stability, in part because Covid-19 was harming economic growth and sour loans were piling up.
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