A branch of Harbin Bank in Dalian, northeast China’s Liaoning province. Photo: Imaginechina

China’s regulators take the scalpel to further downsize the financial empires of oligarchs Xiao Jianhua and Ye Jianming

  • Two investment firms owned by the Heilongjiang provincial government increased their stakes in the midsize commercial bank to 48.18 per cent in total from 19.69 per cent
  • It came after Chinese authorities extended lifelines to at least three lenders, including the central bank’s takeover of Baoshang Bank in May
Topic |   Banking & Finance

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A branch of Harbin Bank in Dalian, northeast China’s Liaoning province. Photo: Imaginechina
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Baoshang Bank’s seizure in May has sent shock waves across China’s 95 trillion yuan bond market. Photo: Reuters

More pain in store for Baoshang Bank investors as seized lender looks unlikely to service bond interest payment in full

  • S&P Global Ratings says Baoshang Bank may not pay in full the annual interest on its 6.5 billion yuan (US$1 billion) tier two capital bonds due on December 28
  • Lender based in Inner Mongolia was taken over by regulators in May, with the seizure raising concerns over the financial health of small banks in China
Topic |   Dealing with debt

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Baoshang Bank’s seizure in May has sent shock waves across China’s 95 trillion yuan bond market. Photo: Reuters
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