China's 'patron saint' stock tip blogger faces trial
(Reuters)Updated: 2007-07-25 13:35
BEIJING - A Chinese blogger who billed himself as the "patron saint" of stock tippers will be charged with conducting an illegal business believed to involve as much as 10 million yuan ($1.32 million), Xinhua news agency said.
 Wang Xiujie [New Express/file]  |
"Wang is suspected of earning more than 10 million yuan by selling stock market advice to thousands of subscribers since February," Xinhua quoted prosecutors in the Jilin provincial capital as saying.
"Boasting that his predictions had a 90 percent accuracy rate, Wang labelled himself the 'patron saint' of individual investors," the agency said.
"His blog received more than 30 million hits as more speculators rushed to cash in on the bull market."
Chinese law prohibits the provision of securities consultancy services without approval from the China Securities Regulatory Commission.
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