CHINA TOPIX

China's Richest Man Wang Jianlin Clarifies Financial Ties with Relatives of President Xi

Benjie Batanes   |

Oct 31, 2015 07:27 AM EDT

Chinese billionaire Wang Jianlin has clarified allegations that some relatives of President Xi Jinping hold significant shares in his company. On Thursday, Wang said that Xi's relatives had sold all of their shares before his company made its initial public offering (IPO) in 2014, missing the chance to make a tremendous profit.