Billionaires behind bars are still a rarity, but China’s Huang Guangyu is the best example since Russian oligarch Mikhail Khodorkovsky. Unlike Khodorkovsky, Huang was not his country’s richest man when he was put in jail back in May. But he is still a redoubtable figure. A recent internet poll found that most Chinese people thought that he would prevail in a battle for control of Gome, China’s second-largest retailer, which he founded.

A new Hurun Report, China’s rich list, published on Wednesday ranks him as the China’s 21st richest person, with net wealth of $3.5bn; that’s down just four places from last year. Moreover, as a Lex note explains, Huang has managed to block some – if not all – of Gome’s management’s attempts to sideline him. Next move? Lex says Gome’s chairman may now have to go.

Another day and another data bit suggesting that China is managing its exit from the global crisis without either soaring into the economic stratosphere or crashing down to earth.

HSBC’s China purchasing managers’ index rose this month (September) for the fifth month in a row, pointing, as the bank says, “to a moderate improvement in Chinese manufacturing sector operating conditions”.  With so much doubt circulating around the global economy, the outlookfor China cannot be certain but looks more stable than a few months ago. Continue reading »