Canadian-Chinese billionaire Xiao Jianhua was sentenced to 13 years in prison in China on Friday after being found guilty of a series of financial crimes. His investment company, Tomorrow Holding, was also hit with an $8 billion fine. A Shanghai court ruled that Xiao and his business had “severely violated financial management order” and “hurt state financial security” through crimes including illegally obtaining public deposits, bribery, breach of trust, and the illegal use of funds. The trial was the first public appearance of Xiao since 2017, when he was seized from his hotel room at the Four Seasons in Hong Kong. He’d been staying there for years while on the run from Chinese authorities.
