Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Forget About 5G, China Says. We’re Already Developing 6G
Alibaba Sued by Home Appliance Maker Over E-Commerce Marketing
WeChat Pay Eyes Foreign Visitors in Race with Alipay
LATEST
Gree to Invest $290 Million in Another Chipmaker
China Raises Annual Rare Earths Quotas at Least 10%
Update: Alibaba’s ‘Double 11’ Shopping Gala Reaches New High as Hong Kong IPO Looms
‘Double 11’ Spending Boom Comes at Environmental Cost, Study Warns
Tencent’s Pony Ma Gallops Back Onto List of World’s Best-Performing CEOs
Two More Chinese Firms Downsize U.S. IPOs as Investor Interest Cools
The Sinister Side to China’s Most Successful Rural High School
Bank Regulator Denies Sweeping Plan to Merge of Troubled Small and Midsized Banks
Tencent Eyes U.S. Gamers Through Deeper Ties with Nintendo: Report
Government-Backed Report Points Finger at AI, Foreign Websites for Spreading ‘Misinformation’
China Mulls Further Electric-Car Subsidy Cuts
Caixin Summit: Don’t Abandon Traditional Industries While Encouraging New Technology, Renowned Researcher Says
Alibaba Increases Stake in Cainiao Network to 63% from 51%
China’s New NEV Battery Recycling Mandate Puts the Onus on Struggling Carmakers
Baidu CEO Robin Li Chirps Up Achievements Despite Quarterly Loss
Update: Alibaba Heads to Hong Kong — Finally
Vivo Chooses Samsung Chips for New 5G Phones
Didi Apologizes, Modifies ‘Sexist’ Hitch Relaunch Plan
New York Tech Company Charged With Selling Chinese Spy Equipment to U.S. Government
China’s Cabinet Lifts Foreign-Capital Limits in Sweeping Opening-Up Policy Statement
China’s Regulators Moving to Restructure Troubled Baoshang

By Liu Jiefei / Jun 17, 2019 02:34 PM / Finance

Photo: IC Photo

Photo: IC Photo

Chinese regulators have finished dealing with Baoshang Bank’s debts to large corporate and interbank clients, and will now verify the bank’s assets before restructuring, the central bank-backed newspaper Financial News reported on Sunday.

By June 7, large corporate and interbank clients had transferred all their creditor’s rights to a company set up by People’s Bank of China (PBOC) on the same day Baoshang was taken over, marking the end of the first phase of the takeover, according to the report. The team in charge of the takeover will now focus on verifying the bank’s assets and restructuring the bank as soon as possible, the report said.

The regulator admitted the Baoshang takeover had led to a “little bit of pain,” but it was good for the market’s healthy development.

PBOC and China Banking and Insurance Regulatory Commission took over Baoshang Bank on May 24, citing serious credit risks, and entrusted China Construction Bank to manage Baoshang’s day-to-day operations.

Related: Ling Huawei: Baoshang Bank Takeover Sets Precedent, Opens Door to U.S.-Style FDIC

Contact Reporter Liu Jiefei (jiefeiliu@caixin.com)


Share this article
Open WeChat and scan the QR code