Jul 07, 2022 08:45 PM

FINANCE

Fallen Tycoon Xiao Jianhua’s Trust Company Gets Green Light for Bankruptcy

By Zhang Yukun and Liu Ran

Founded in 1999, Tomorrow Holding had business interests ranging from finance to coal and real estate.

Founded in 1999, Tomorrow Holding had business interests ranging from finance to coal and real estate.

New China Trust Co. Ltd., previously controlled by embattled conglomerate Tomorrow Holding Co. Ltd., has been cleared to start bankruptcy proceedings two years after a regulatory takeover.

The China Banking and Insurance Regulatory Commission (CBIRC) said on Wednesday that it had approved the firm’s application for bankruptcy and liquidation. A court in Southwest China’s Chongqing will handle the procedure, according to a court filing on the same day.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Share this article

Open WeChat and scan the QR code

GALLERY

: Gallery: Aging Theme Park to Get $73 Million Facelift

NEWSLETTERS

Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription

PODCAST

Caixin China Biz Roundup: China Cuts Key Interest Rates as Economy Weakens

00:00

00:00/00:00

MOST POPULAR

1: In Depth: Bailouts Multiply as Pressure Mounts to Stabilize China’s Housing Market

2: Five Things to Know About China’s Scandal-Struck Chip Industry ‘Big Fund’

3: Opinion: The Two Weaknesses of China’s Economy

4: Cover Story: The Challenges Ahead for China’s Digital Yuan

5: Weekend Long Read: What Challenges Await Singapore’s New Leadership

SPONSORED

OR