Qbao founder Zhang Xiaolei handed himself in to police in late December. Photo: News.cn Qbao founder Zhang Xiaolei handed himself in to police in late December. Photo: News.cn
Qbao founder Zhang Xiaolei handed himself in to police in late December. Photo: News.cn
China economy

Banquets, lies and protests: the collapse of Qbao, another popular Chinese Ponzi scheme

Qbao goes quickly from state-media darling to official outcast after its founder hands himself in to police, saying he can’t meet debt and investor payments

Topic |   China economy
Qbao founder Zhang Xiaolei handed himself in to police in late December. Photo: News.cn Qbao founder Zhang Xiaolei handed himself in to police in late December. Photo: News.cn
Qbao founder Zhang Xiaolei handed himself in to police in late December. Photo: News.cn
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