Jan 06, 2024 05:24 AM

FINANCE

Troubled Investment Giant Zhongzhi Files for Bankruptcy Liquidation

By Wang Juanjuan and Han Wei

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In late November, authorities opened a criminal investigation into the money management business of Zhongzhi

In late November, authorities opened a criminal investigation into the money management business of Zhongzhi

China’s embattled investment conglomerate Zhongzhi Enterprise Group Co. Ltd. has filed for bankruptcy liquidation, shortly after it disclosed a financial shortfall of up to $36.5 billion.

A court in Beijing said Friday it has accepted Zhongzhi’s application for bankruptcy liquidation, in which the company stated that its “assets are insufficient to cover all liabilities and it obviously lacked the ability to repay its debts.”

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