from a luxury Hong Kong hotel in the early hours with his head covered, a source close to the tycoon told Reuters at the time.
It added the punishment was mitigated because both had admitted their crimes and cooperated in recovering illegal gains and in restoring losses. In July 2020, nine of the group’s related institutions were seized by Chinese regulators as part of a crackdown on risks posed by financial conglomerates. The court said that from 2004, Xiao and Tomorrow controlled multiple financial institutions and internet financial platforms, including the failed Baoshang Bank, via multiple layers of indirect shareholders and anonymous ownership.It said Xiao used the illegal gains for the acquisition of financial institutions, securities trading and overseas investment. But it acknowledged his attempts to make amends.