Regulators inspected Baoshang Bank on 50 occasions and deliberately avoided parts of the business that had significant potential risks.
May 28, 2021HK-based Capital Target Ltd was unable to verify the source of funds used to buy a 24% stake in Korean conglomerate Jih Sun Financial Holding in 2009.
May 28, 2021The former head of the CBRC's Inner Mongolia branch is linked to Baoshang Bank, a local lender that was taken over by the state in 2019.
May 17, 2021Three former banking regulators were expelled from the CCP and referred for criminal prosecution for accepting bribes and contributing to Baoshang Bank’s failure, among other violations.
January 28, 2021Baoshang Bank will become the first commercial bank to go bankrupt in China in almost 20 years. Earlier this month, regulators deemed the bank to be non-viable.
November 24, 2020However, the PBOC believes the world economy is still in a period of deep adjustment, amid concerns that the risk of debt defaults has increased.
November 9, 2020The decision was made based on “severe insolvency” found at Baoshang Bank. The last commercial bank allowed to go bankrupt in China was in 2001.
August 7, 2020State-owned China Reform Holdings has set up a bailout fund to help ensure SOEs can avoid bond defaults. Meanwhile, 18 provincial governments have approval to inject capital into banks.
July 28, 2020The CBIRC has seized control of four insurance companies and two trust companies, while the CSRC has taken over two securities firms and one futures brokerage.
July 20, 202020 of the 38 companies on the list are linked to either Baoshang Bank or Anbang Insurance, which both needed a state bailout in recent years.
July 7, 2020