Chinese shadow bank Zhongzhi's liquidation prompts fallout fears - Nikkei Asia

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Nikkei Asia 6d ago

Chinese shadow bank Zhongzhi's liquidation prompts fallout fears - Nikkei Asia - Nikkei Asia

Quick Summary:

The Zhongzhi Enterprise Group office building in Beijing is the apex of 247 related companies that the liquidator would like to treat as a single entity for the benefit of creditors.

HONG KONG -- Multiple Chinese listed companies have warned investors over potential fallout from the latest move by the liquidator of Zhongzhi Enterprise Group, a bankrupt wealth manager and shadow bank caught up in the country's property crisis.

In an official court statement last Friday, Beijing Dacheng Law Offices, the liquidator of the case appointed by the court through an open bidding process, applied to consolidate Zhongzhi and 247 related companies as a single entity in pursuing the ongoing bankruptcy process.