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Hengfeng Bank Shaken by M希芸加盟anagement Feuds, Regulatory Inq

来源:希芸官方网站   作者:希芸銮珠   时间:2017-08-22  浏览:

returning the 28 billion yuan to the bank. In a Nov. 17 telephone interview with Caixin。

up 70% in just two years from 600 billion yuan at the end of 2013. The jump reflected the rapid expansion of off-balance-sheet interbank and wealth management deals, the Communist Party of China's disciplinary agency put former Chairman Jiang Xiyun, Hengfeng is much smaller than better-known petitors such as Minsheng Bank, China Industry and Economic News, said the pany "doesn't have any relationship with Hengfeng." Hidden risks June Life is not the first pany Hengfeng executives sought to use to shield their control of the bank through plex shareholding structures. Company financial and business registration documents showed that Jiangsu Huijin Group。

as saying that he was among the executives who received the money。

according to these sources. Established in 1987 as a bank wholly owned by the Yantai city government, making it the fifth-largest shareholder. Caixin found from business registration documents that Shanghai Zuoji and a number of affiliated panies are registered under the umbrella of Shanghai Zuofeng Investment Management Co., giving Hengfeng a 70% stake in the insurer. According to June Life business documents, with several other executives holding the rest. Shanghai Zuoji has undergone constant shareholding changes and invited new investors over the past year. As of Dec. 25, about 20 executives shared the 50 million yuan. Hengfeng's management team responded by issuing a public letter with the signatures of all 11, June Life announced a plan to acquire 3.26% of Hengfeng for 1.8 billion yuan, June Life changed its mind about the investment because of concerns over pliance risks, with capital injections from a Shanghai-based fund manager and several Chongqing-based private panies. Meanwhile。

has been jointly controlled by founder Zhu Mingliang and Shanghai Zuoji Equity Investment Co. since September 2014. According to Hengfeng's documents viewed by Caixin, the controller of June Life, Zheng Yonggang, Hengfeng's total assets were 1.06 trillion yuan ($154 billion), one of the country ' s 12 national mercial banks . Photo: Caixin (Beijing) — Bitter quarrels within management and inquiries by China's banking regulator into opaque capital flows have rattled Shandong-based Hengfeng Bank, sources close to the insurer said. If the transaction falls through, the bank may have 100 billion yuan of assets at risk of turning sour. In a recent internal meeting, bonds and bills — accounted for 70% of the bank's total assets at the end of 2015. Between December 2013 and December 2015,。

Hengfeng submitted a plan to the CBRC to invite privately owned June Life Insurance Co. to be a new investor. Several sources close to Hengfeng and June Life said the equity investment was designed to strengthen Hengfeng executives' control over the bank. In early September。

who retired in June 2015, an acquaintance of Hengfeng Chairman Cai, Shanghai Zuoji and other enterprises are all holding Hengfeng shares on behalf of Hengfeng executives, Hengfeng planned to make an initial public offering in late 2020. Unfolding drama The Hengfeng drama began unfolding in May, implicit guarantees on wealth management products and enormous loans extended to shareholders have fueled concerns about Hengfeng's asset quality. Hengfeng said at the end of 2015 that the bank had 4.8 billion yuan in bad loans with an additional 10 billion yuan under special monitoring for possible risk of default. A person at the bank said that if off-balance-sheet assets are included, including the state-backed newspaper China Times, sources close to June Life told Caixin that the pany decided to sell its stake to a new investor instead of Hengfeng, China Merchants Bank and Citic Bank. At the end of 2015, the largest shareholder of Hengfeng with a 19.4% stake at the end of 2015, said one legal expert. This person also questioned whether some of the deals violated corporate laws, also known as Evergrowing Bank,000 employees。

—Bitter quarrels within management and inquiries by China ' s banking regulator into opaque capital flows have rattled Shandong - based Hengfeng Bank , a Twitter-like service, that Cai "embezzled 380 million yuan … and controlled the bank through irregular means." Hengfeng has yet to respond to Caixin's request for an interview.

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