Caixin Media vows to sue Chinese tycoon Guo Wengui and Hong Kong newspapers for libel

A prominent mainland media outlet involved in a spat with tycoon Guo Wengui over recent reporting about him said it was "in the process" of suing the businessman and two Hong Kong newspapers for libel.

Last week, three mainland news outlets - Caixin, Caijing and Tencent's investigative news portal Prism, issued lengthy reports about Guo, who is the controlling shareholder of Beijing Zenith Holdings and Beijing Pangu Investment, saying he conspired with local and central government officials to gain wealth.

Late on Sunday night, Guo issued an eight-page statement denying some of the allegations against him. But he also made accusations against Caixin and its chief editor, Hu Shuli.

Guo later spoke by phone to the Hong Kong Commercial Daily about the claims.

Several other major Hong Kong newspapers, including Apple Daily, also ran reports about the latest twist of the saga yesterday.

In a statement in English that Caixin published on its website late yesterday, the company said Guo had "disseminated these fabrications through certain media outlets overseas", naming the Commercial Daily and Apple Daily. The statement accused Guo and "certain Hong Kong media companies" of infringing upon Caixin Media's reputation.