News from a month ago – Baoshang

ABC Australia:

According to Baoshang’s most recent regulatory filing, the smallish lender based in Inner-Mongolia, made a $600 million profit in 2017. It had assets of around $90 billion, non-performing loans were modest — under 2% — and its capital buffers would fit comfortably with the global demands of a Tier1 bank. Then it collapsed. That set off a series of events rarely, if ever, seen in Chinese banking.

Reuters:

The take-over of Baoshang was due to the improper and illegal use of significant bank funds by Tomorrow Holdings that holds 89% of Baoshang’s shares, according to PBOC. A Reuters analysis showed at least 18 smaller institutions have not published up-to-date financial reports

Meanwhile, at HNA…….

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