An investigation into Zexi Investment chief Xu Xiang is examining whether he and the chairman of Shanghai Metersbonwe Fashion & Accessories Co. conspired to manipulate Metersbonwe shares ahead of last summer’s market rout, according to a person familiar with the matter. Shanghai Metersbonwe Chairman Zhou Chengjian also has been detained as part of the probe, according to the person, who asked not to be identified because the matter hasn’t been made...