China Rong Trust, a subsidiary of China's largest asset management company, has been exposed to nearly 100 million yuan (RMB, Same as S $ 18.68 million) overdue.The two large financial institutions of Caixin Trust have made debt to China Rong.
Bloomberg News on Wednesday (August 30) quoted people familiar with the matter that when the regulatory agency sought to ensure the stability of the financial system, the regulatory authorities coordinatedTrust has established a working group to stabilize the operation of China Rong Trust.
People familiar with the matter said that it is unclear what specific impacts will bring about the resolution of the risk of China Rong Trust, but this may pave the way for the risks of the national leading to resolve the dilemma of shadow banking.
CITIC Trust does not comment on this, while China National Financial Supervision and Administration Administration, Zhongrong Trust and CCB Trust did not immediately reply to Bloomberg's comment request.
Some people familiar with the matter revealed before that the State Administration of Finance and Administration of China established a working group in July to be responsible for reviewing the risk of integration in the review.
It is reported that the above arrangements highlight China's official concerns about the stability of the financial system and increasing overall economic risks.With the weak economic recovery after the Chinese epidemic and the deepening of the real estate market crisis, concerns about the trust industry with more than 200 trillion yuan in assets are also intensifying.
On the other hand, although it has not touched the delisting standards, the largest shareholder of Zhongrong Trust has announced on Tuesday (29th) that it is planned to actively delist on the market with the resolution of the shareholders' meeting.China Rong Trust reported annual reports of 2022 that Jingwei Textile Machinery held 37.47%, which is its largest shareholder.
Zhongrong Trust was confirmed to be overdue payment in early August. As rumors, the overdue overdue of Zhongrong Trust is related to the liquidity crisis of Zhongzhi Group, which also caused the market to worry about other trust companies.
