A-Share 'Retail Tycoon' Xu Liusheng Reportedly Lists Hong Kong Repulse Bay Luxury Flat for HK$115 Million

Despite a recent uptick in Hong Kong's luxury property market, some investors are choosing to lock in profits.

According to Hong Kong 01, Xu Liusheng, a well-known retail investor often referred to as a "bull scatter," has reportedly listed a mid-level unit at Grosvenor Place, 117 Repulse Bay Road, for approximately HK$115 million. The unit, which includes one parking space, has a usable floor area of 1,975 square feet, translating to a unit price of around HK$58,200 per square foot. If the transaction is finalized, Xu stands to make a book profit of approximately HK$60 million after holding the property for nearly 20 years, representing a gain of about 109%.

It is worth noting that Xu Liusheng was previously a prominent retail investor in the A-share market. He was fined a total of RMB 110 million by the China Securities Regulatory Commission (CSRC) for manipulating 37 stocks and disrupting market order.

Repulse Bay Luxury Home Changes Hands for HK$115 Million

According to property agency sources, the aforementioned transaction involves a mid-level unit at Grosvenor Place, 117 Repulse Bay Road. With a usable area of 1,975 square feet, the unit, along with one parking space, was recently sold for approximately HK$115 million, at a unit price of about HK$58,200 per square foot.

Records show that the original owner, Xu Liusheng, purchased the unit in October 2007 for HK$55 million. Having held the property for nearly 20 years, the latest selling price yields a book profit of roughly HK$60 million, an appreciation of about 109%.

Market observers suggest that while Hong Kong's luxury home market has shown signs of strengthening recently, some investors who purchased properties years ago are choosing to cash out at higher prices to secure profits. Xu's latest sale continues his pattern of asset allocation in Hong Kong's luxury residential sector.

Xu Liusheng Active in Hong Kong Luxury Market

It is noteworthy that Xu Liusheng has been quite active in Hong Kong's luxury property market in recent years.

In November 2025, he purchased a house at 39 Deep Water Bay Road, Southern District, for HK$342 million from parties related to Chen Sile, son of Chen Zhuolin, chairman of Agile Group. The house has a usable area of approximately 3,927 square feet, includes a garden and rooftop, and comes with two parking spaces. The transaction price per square foot was about HK$87,100. Records indicate that the property at 39 Deep Water Bay Road was originally acquired by parties related to Chen Sile in July 2015 for HK$352 million, at a unit price of approximately HK$89,600 per square foot—then a record high for the project. Xu's buying and selling activities have drawn attention to his strategic moves in Hong Kong's luxury home market.

Retail Investor Once Fined RMB 110 Million

According to public records, Xu Liusheng was formerly the chairman of Shenzhen Kaifu Investment. A graduate of Fudan University's gifted youth class, he is widely known online as one of the "most notable retail investors." Having spent years navigating the securities market, he accumulated trading capital exceeding RMB 100 million. His trading style and operations have had a notable influence in the market, particularly in the Shenzhen region.

Corporate records show that Xu Liusheng holds a 21.62% stake in Shenzhen Kaifu Venture Capital Enterprise (Limited Partnership).

However, his securities investment career has not been without controversy. On June 5, 2017, the CSRC issued an administrative penalty decision, punishing Xu Liusheng for stock price manipulation.

The CSRC's decision stated that Xu Liusheng controlled and used his personal account to manipulate 33 stocks, including "Tianrui Instruments," by leveraging capital advantages through methods such as continuous trading and large-scale limit-up orders.

Between January 1 and November 30, 2015, Xu's account engaged in 36 trades across 24 trading days involving 33 stocks, including "Tianrui Instruments" and "Kstar," using continuous trading and large-scale limit-up order tactics. In these 36 trades, Xu's buy orders at the daily limit-up price accounted for more than 50% of total market buy orders during those periods. After executing these large-scale limit-up orders, Xu would sell the stocks the following day.

Additionally, Xu controlled and used his personal account to manipulate four stocks, including "NavInfo," using capital advantages through continuous trading and price-lifting tactics, thereby affecting stock prices. For the stocks involved, the closing price on the manipulation day (T day) rose by a minimum of 3.22%, a maximum of 5.29%, and an average of 4.27% compared to the last traded price before the manipulation period. The opening price on the following day (T+1 day) rose by a minimum of 0.26%, a maximum of 4.28%, and an average of 3.03% compared to the last traded price before the manipulation period.

According to the CSRC, unlike traditional manipulation methods, Xu's techniques exhibited several new characteristics:

• Short-term manipulation cycles: Manipulation periods shifted from spanning months or years to just days or even intraday. The traditional three phases of "position building, price lifting, and selling" were compressed together, making the boundaries between phases increasingly subtle.
• Diversified trading methods: Over years of trading, Xu employed a mix of three manipulation techniques: large-scale limit-up orders followed by next-day selling, end-of-day price lifting followed by next-day selling, and intraday price lifting followed by same-day reverse selling.

The CSRC determined that Xu's actions violated Article 77, Paragraph 1, Items (1) and (4) of the Securities Law, which prohibit manipulation of the securities market, and constituted market manipulation. Based on the nature, facts, circumstances, and social harm of the violations, the CSRC decided to confiscate Xu's illegal gains of RMB 37.017 million and impose a fine of RMB 74.0341 million, totaling approximately RMB 110 million in penalties.