Another Tomorrow Holding Unit Cleared for Bankruptcy Reorganization

E An Property & Casualty Insurance Co. Ltd., an insurer previously controlled by embattled private conglomerate Tomorrow Holding Co. Ltd., was cleared to start bankruptcy reorganization proceedings.

The move is part of regulators’ years-long efforts to dismantle the troubled business empire of fallen tycoon Xiao Jianhua. The Chinese-Canadian billionaire Xiao was placed under Chinese graft investigation in January 2017. His Tomorrow Holding is one of the highest-profile targets swept up in China’s crackdown on financial risks.