Aug 23, 2021 09:17 PM

Man Detained for Spreading Rumor That Hillhouse Founder Was Banned From Leaving China

Zhang Lei. Photo: VCG
Zhang Lei. Photo: VCG

Beijing police said they have detained a man for spreading the false rumor that Zhang Lei, billionaire founder of private equity giant Hillhouse Capital Group, had been banned from leaving the Chinese mainland.

Xiao was put under criminal detention by cops in the capital’s Chaoyang district after Hillhouse said that the misinformation made up by him had caused serious damage to Zhang’s reputation and its business, according to a statement (link in Chinese) released Saturday on social media platform Weibo.

Hillhouse Capital has backed a large number of tech giants such as Alibaba Group Holding Ltd., Pinduoduo Inc. and Inc.

The rumor about Zhang was spread across social media earlier this month, along with claims that U.S. dollar investment funds could soon be targeted by Chinese regulators.

Contact reporter Guo Yingzhe ( and editor Joshua Dummer (

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