Troubled Zhongzhi-Linked Trust Engages Two State-Owned Firms to Help Manage Business

What’s new: Zhongrong International Trust Co. Ltd. has engaged two state-owned trust companies to help with its management and operations after the Chinese financial institution admitted it had failed to repay some maturing products it had sold.

Zhongrong entered into an “entrusted management service agreement” with Citic Trust Co. Ltd., a unit of Citic Group Corp., and CCB Trust Co. Ltd., controlled by China Construction Bank Corp., the company said in a statement late Friday.