Exterior of a Baoshang Bank's office building at the city centre of Baotou city in Inner Mongolia on 29 July 2019. Photo: Orange Wang
China’s central bank declares Baoshang Bank bankrupt as it picks apart Xiao Jianhua’s financial empire
- Insolvent Baoshang Bank was unable to find new investors for recapitalisation before the government stepped in to set up a new lender to take over its assets, the central bank says
- Baoshang Bank will proceed to the bankruptcy procedure and the stakes held by Xiao’s Tomorrow Group will be liquidated, PBOC says
Exterior of a Baoshang Bank's office building at the city centre of Baotou city in Inner Mongolia on 29 July 2019. Photo: Orange Wang
