Chinese Stock Guru detained

The self-style guru of Chinese stocks, who was detained by police recently for selling stock tips to subscribers, will stand trial on charges of conducting illegal business operations worth up to USD 1.31 million. The Municipal People's Procuratorate in the northeastern city of Changchun will lodge a lawsuit to the municipal people's intermediate court against Wang Xiujie, known to his clients as "Big Brother Leader 777", over running an unlicensed business. Wang is suspected of earning more than 10 million yuan (USD 1.31 million) by selling stock market advice to thousands of subscribers since February, Xinhua news agency reported. Boasting that his predictions had a 90 per cent accuracy rate, Wang labelled himself the "patron saint" of individual investors. 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 by the China Securities Regulatory Commission, the stock market watchdog. It is still unclear when the court will start to handle the case.