Big-spending Shanghai internet celebrity of Ferrari-crash fame revealed to be son of Hong Kong investor
- “King” Qin Fen gained online fame for his extravagant ways, after first grabbing attention for his calm reaction to crashing a limited-edition Ferrari
- A joint fine for insider trading in 2017 has now revealed him to be the son of Hong Kong resident Qin Sixin
The family background of a Shanghai-based internet celebrity is no longer a mystery, after a fine imposed for insider trading accidentally gave away the details.
There had been intense speculation online that Qing Fen was from a political family but that appears not to be the case.
Qin, who goes by the moniker “King” on Weibo, has now been confirmed to be the son of Qin Sixin, a 61-year-old Hong Kong resident living in Happy Valley.
The pair were fined 600,000 yuan (US$89,600) in all for their involvement in insider trading in Shenzhen-listed Xinmao Science and Technology Co. ahead of a planned asset acquisition in 2017, according to a document released by the China Securities Regulatory Commission (CSRC).
The fine for the illegal act, announced on the commission’s website more than a week ago on May 19, became a trending topic on Weibo on Saturday.
The regulator’s findings indicated that Qin Sixin was an old friend of the Xinmao chairman and partly funded the acquisition deal. He transferred a large sum to his son who bought 50.18 million yuan in shares ahead of the acquisition announcement in March 2017. However, Qin Fen made no profits from the deal, the document showed.