Xu Xiang, China's Buffett-Icahn, Formally Arrested

These are bad times for fund managers based in China, especially those who have made out-sized returns. Xu Xiang ran Zexi Investment from Shanghai and has been referred to as China’s Warren Buffett and Carl Icahn at times. Xu has now been arrested for the second time in a span of six months. In November, he was detained in a dramatic showdown by local police. The title of being China’s Buffett or Icahn is quite transferable. Guo Guangchang, chairman of Fosun International, China’s largest PE firm, has also been called the Chinese Buffett. He disappeared or may also have been arrested in…