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

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

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

Sidney Leng

Sidney Leng joined the Post in 2015 after spending a year and a half working for US media, including National Public Radio and Foreign Policy Magazine. He has been covering China's macroeconomic policies and financial regulations since 2016.