A former tycoon who sidestepped a death sentence last year for financial fraud has appealed for acquittal to China's top court, the National Business Daily reported.

The father and lawyer of convicted businesswoman Wu Ying told the newspaper she has appealed to the Supreme People's Court, saying that she did not raise funds illegally.

Wu, a 32-year-old from Zhejiang province, was sentenced to death with a two-year reprieve for financial fraud in May. The Supreme People's Court earlier rejected the original death sentence for Wu in April, and referred the case back to the High Court in Zhejiang province for a rehearing.

The sentence Wu is serving normally means she must spend her life in prison but her term is likely to be reduced to about 20 years at the most for good behavior.