Troubled regional lender Bank of Jinzhou is planning to introduce three strategic investors — an Industrial and Commercial Bank of China (ICBC) subsidiary, a China Cinda Asset Management subsidiary, and China Great Wall Asset Management — in a restructuring attempt, sources familiar with the matter told Caixin.
Jinzhou had announced on Thursday that it was in talks with potential strategic investors, but did not mention any by name. Sources told Caixin that the three planned investors will be ICBC Financial Asset Investment Co. Ltd., a wholly-owned subsidiary of ICBC established in September 2017, as well as Cinda Investment Co. Ltd., a wholly-owned subsidiary of China Cinda, and Great Wall.
Jinzhou’s Hong Kong-listed shares have been suspended since April because it was unable to produce a 2018 annual report. At the end of May, the bank’s auditors resigned, citing inconsistencies in the bank’s financial statements for 2018 that had made completion of the audit process impossible.
Read the full story on Caixin Global later today.
Contact reporter Teng Jing Xuan (firstname.lastname@example.org)