On July 9, 2021, after serving a five-year and six-month prison sentence in Qingdao, Xu Xiang, the private equity boss and the actual controller of Zexi Investment, will finally return to Shanghai.

July 9 was also the date of his release from prison as indicated in his judgment.

The (2016) judgment No. 148 of Lu 02 issued by the Qingdao Intermediate people's Court also showed that Xu Xiang was sentenced to five years and six months in prison for manipulating the securities market, confiscated 7.1 billion yuan of illegal gains and fined 11 billion yuan.

This huge amount of property punishment has not yet been carried out, and the property screening during this period is so controversial that before Qixi Festival in 2019, Xu Xiang's wife Ying Ying issued a statement saying, "for the sake of heaven, I want a divorce," hoping to promote property screening in Xu Xiang's case through litigation for divorce.

Even if Xu Xiang is released from prison, I am afraid the controversy will continue. As Ying Ying told the Prism author in a conversation in June last year, "after Xu Xiang came out, I think some things still can't be solved. We still have to take this step (divorce)." "

The "talented" trader will return to a life in dire straits.

Before going to prison: Herm è s white coat represented a turning point in life.

On November 1, 2015, after the A-share crash, Xu Xiang was arrested by the public security organs on his way back to Shanghai after celebrating his grandmother's birthday in Ningbo.

When he was handcuffed, photos of him wearing a Herm è s casual suit that looked like a white lab coat were widely circulated.

The casual suit was bought at the Herm è s store in Henglong Center in Shanghai, when Xu Xiang was at a critical turning point in his life in 2010. Prior to this, he was the hot money representative on the South Road of Jiefang in Ningbo and the chief helmsman of the Expenditure squad on the rising limit.

At the end of 2009, Xu Xiang entered Shanghai and established Zexi Investment, which was the starting point for him to become one of China's "Sunshine Private Equity Brothers".

The Zexi Ruijin No. 1 Fund, established in March 2010, achieved a yield of 25.47 per cent in the first three months after its establishment, with a net income of 250 million yuan, while the CSI 300 index fell 15 per cent in the same period, creating a "miracle in the sunshine private fundraising world" at that time.

In the peak list of Chinese Sunshine Private Equity funds in the first three quarters of 2015, Zexi Investment ranked first among equity Sunshine Private Equity with an average return of 217.54%, far exceeding the 94.43% of the second place, Shenzhou Pastoral Investment.

However, after Xu Xiang changed into his prison uniform in a prison in Chengyang District of Qingdao, the Herm è s white coat returned to Ningbo in 2017 and was dry-cleaned and left at a friend's home.

Xu Xiang comes from a working family, and his family story of getting rich is like a Chinese version of Gatsby.

Before he went to prison, he wore Herm è s, drove an Audi A8 and lived in Tomson, a top mansion in Shanghai's Pudong New area. he had a morning meeting at the company more than 8 o'clock every day, slept around 1 o'clock at night, and lived a Wall Street-style trader's life.

First thing in the morning, Xu Xiang first looked through the Securities Market Weekly, the 21st Century Economic report, the three major securities newspapers, and so on.

These newspapers and magazines were subscribed to by his wife Ying Ying. The newsstand is delivered to home at a fixed time every morning, and it is packed up to be five or six centimeters thick. Xu Xiang reads a lot, reads very fast, and has to read a large number of brokerage research reports every day.

"Lao Xu would occasionally ridicule me, 'always reading those messy books, they are all useless books.' Ying Ying once told the author that she likes to read some leisure books like novels, while Xu Xiang is fond of reading instrumental books such as securities, finance, economics, and so on. "what he likes most is financial biographies, which he reads over and over again. It's almost ruining the book.

After the Xu Xiang case, Ying Ying moved away from Tomson Yipin and rented an apartment in Shanghai. "when I moved, my books had several boxes full of two large bookcases. He has more books, about twice as many as mine. I put them somewhere else for him. "said Ying Ying.

Xu Xiang also asked Ying Ying to help him register on Sina Weibo, whose real name is not real, and does not release it. He keeps an eye on the financial and economic big V on Weibo in a state of diving all the year round, and brushes the stock market information.

The Weibo account is now so obsolete that Ying Ying can't even remember the name ID. "when Lao Xu comes out, he will recall his own memories. "

Prison: 18.1 billion property punishment and screening dispute

Ying Ying once told the author that Xu Xiang is the absolute core of the family, arranging the life of her parents-in-law very well, and her parents-in-law listen to him on everything, as long as they take good care of their own bodies.

After Xu Xiang's accident, the balance of the family was completely upset. Ying Ying said that when she sat at the same table with her parents-in-law, she could feel the smell of repression. At that time, the whole family's attention was still focused on the case itself.

On January 23, 2017, the Xu Xiang case was formally sentenced to five years and six months' imprisonment, with 7.1 billion yuan of illegal income confiscated and a fine of 11 billion yuan.

Qian Lieyang, a defense lawyer in the Xu Xiang case, once recalled to the author, "after the judge read the verdict, I was not surprised about the sentence, but I was quite surprised about the amount of the property sentence, because no one communicated with me in advance." "

The property penalty of 18.1 billion yuan was the flashpoint of all contradictions since then.

Ying Ying told Prism that at one point, the value of assets seized, seized and frozen by Xu Xiang and his family exceeded 20 billion yuan, including more than 12 billion yuan in cash in bank accounts. as well as Xu Xiang's parents and Zexi holding shares in the company, company subscription capital, and so on.

Before the verdict in the Xu Xiang case, the balance of personal bank cards was about 500 million in September 2016. from November to December 2016, the fund balance of the trust account was about 10 billion (directly deducted from the bank without going through the trust company). After the verdict, from June to September 2017, the fund balance of personal securities account is about 1.6 billion.

The money adds up to 12.1 billion yuan.

The verdict of the Xu Xiang case shows: "after discriminating the ownership and nature of the property involved in the case, it shall be dealt with in accordance with the law. "

On April 16, 2017, Ying Ying submitted an application to the Qingdao Intermediate people's Court, requesting the court to identify the assets of Xu Xiang's case in accordance with the law.

On June 29 of the same year, she submitted a "letter of dissent to the execution of an outsider" to the Qingdao Intermediate people's Court, and specifically asked the Qingdao Intermediate people's Court, "which are illegal gains, which are fines, and which are the legitimate family property of our family?"

Ying Ying recalled that at that time, the Qingdao Intermediate people's Court replied to me, "you can rest assured that all the deducted funds are in the account of the Qingdao Intermediate people's Court. When the screening is clear, if it belongs to your legal property, it can be returned to you." "

Xu Xiang's parents also have claims on Xu Xiang's property rights and interests.

The 30,000 yuan that Xu Xiang first entered the market was contributed by his mother, Zheng Suzhen; when Xu Xiangcheng established Zexi's investment, Zheng Suzhen was the limited partner of Zexi, and Xu Xiang was the general partner; the actual controller of Ningbo Zhongbai was his father Xu Bailiang. The major shareholder of Daheng Technology is hung in the name of Zheng Suzhen.

Xu Xiang and his parents have never been cut in terms of property. Ying Ying told the author that Xu Xiang's parents did not want to contact the Qingdao Intermediate people's Court directly. "however, when I relayed the Qingdao Intermediate people's Court's reply to them, whether it was about asset screening or legal procedures, they didn't quite understand. After all, the amount of money involved is billions of dollars. They don't trust me and think I'm not working hard enough. I can understand that. "

After getting out of prison: "I still have to take the step of divorce."

Xu Xiang and Ying Ying met in 1998, established a romantic relationship two years later, registered for marriage on January 18, 2004, and had a son in July of the following year.

On March 20, 2019, Ying Ying submitted a "divorce indictment" to the Shanghai Huangpu District people's Court (hereinafter referred to as "Huangpu Court"), saying that the defendant (Xu Xiang) had been detained for a long time, and the plaintiff (Ying Ying) could only raise his children independently and lead a difficult life. As a result, the relationship between husband and wife is at odds. "We now ask for divorce, and the custody and property of the children will be dealt with in accordance with the law."

Ying Ying said: when Xu Xiang was just sentenced, some friends advised me to take this step. I always thought that things would come to a proper end. Later, including all kinds of pressure from my family and outside, not only forced me to grow up, but also made it difficult for me to maintain my marriage with Xu Xiang.

The divorce case is also attached to the technical attribute of property screening in the case of forcing Xu Xiang to do so.

(note: the time for calculating the value of assets such as securities in this chart is as of March 2019)

On August 29, 2019, the first trial of the divorce case was held in a prison in Chengyang, Qingdao. Xu Xiang did not say much, but only repeated the whole process twice: "agree to divorce and allow the son to be raised by the plaintiff." "

Ying Ying could not judge what Xu Xiang really thought. "I can't guess this." Xu's mind still belongs to the kind of more elusive, heavier kind, which is less likely to show up on the face. "

The court of Huangpu District in Shanghai has not promoted the progress of the divorce case since then.

Before Xu Xiang was officially released from prison, Ying Ying was not sure whether she could be reunited with Xu Xiang. "after he came out, I felt that some things could not be solved. I still had to take this step (divorce). "she told the author.

In that case, there is still a stalemate between his wife, his parents and him over the division of property.

This is because, even though the 12.1 billion yuan has been withheld to offset the property penalty, Xu Xiang still fails to pay a fine of 6 billion yuan to the court.

Apart from 12.1 billion yuan in cash, the remaining contentious property in Xu Xiang's case mainly includes real estate and equity, of which five are real estate, the most valuable of which is Shanghai Tomson Yipin, worth nearly 200 million yuan; the market value of equity has seriously shrunk, and the most valuable is the control of Ningbo Zhongbai and Daheng Science and Technology.

According to incomplete estimates, as of July 8, the total value of the above-mentioned property does not exceed 3 billion yuan.

"property outside the scope of illegal gains determined in the effective criminal judgment shall be presumed to be the legitimate property of Xu Xiang, his wife, parents and other family members. If all the illegal gains identified in the judgment have been recovered (confiscated), the judicial organ shall carefully screen Xu Xiang's personal property and the property of his wife, parents and other family members when carrying out the fine. Xu Xiang's wife and parents do not bear criminal responsibility, and the legitimate property of his wife and parents should not be enforced when imposing a fine on Xu Xiang. Zeng Li, a senior partner of Beijing Horizon Law firm, told the author.