China’s Bank of Jinzhou has won government-backed reinforcement, with three state-controlled financial institutions stepping in. Photo: Shutterstock

Bank of Jinzhou gets Chinese state backing as ICBC and other financial institutions buy more than 17.3 per cent stake in it

  • The Hong Kong-listed Bank of Jinzhou suspended trading in its shares in April and lost its auditor
  • ICBC will invest up to 3 billion yuan (US$436 million) in the bank, with China Cinda Asset Management and China Great Wall Asset Management also investing
Topic |   Bank of China

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China’s Bank of Jinzhou has won government-backed reinforcement, with three state-controlled financial institutions stepping in. Photo: Shutterstock
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The draft regulation from the People’s Bank of China will be finalised after feedback is received by late August. Photo: Bloomberg

China’s central bank issues draft rules on financial holding companies in move to rein in risk

  • Firms with two types of financial business must apply for licence within six months of regulation taking effect and have US$726 million registered capital
  • People’s Bank of China says ‘regulatory vacuum has led to risk accumulation and exposure’
Topic |   China economy

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The draft regulation from the People’s Bank of China will be finalised after feedback is received by late August. Photo: Bloomberg
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