Industry | financial services, wealth management, mining, electric vehicles [1] |
---|---|
Founded | 1995[1] |
Founder | Xie Zhikun [2] [1] |
Headquarters | Beijing , China |
Area served | China |
Website |
www |
Zhongzhi Enterprise Group ( Chinese: 中融鼎新, hereafter Zhongzhi) is a Chinese business conglomerate. [3] It has been described as a shadow bank in the Chinese financial system. [3] [4] [2] The company is heavily linked to the Chinese real estate sector, which since 2020 has been experiencing difficulties. [2] At its peak the company controlled $141 billion of assets. [5] On 5 January 2024 the company declared itself bankrupt. [3]
The company was founded in 1995 by Xie Zhikun, who died in December 2021. [2] [1] [6] The founders death, and subsequent departure of senior executives, was blamed by the company for its struggles in November 2023. [5]
In November 2023, the company noted to investors that it was "heavily insolvent with up to $64 billion in liabilities", [3] or a shortfall of $36.4 billion. [5] It was noted after the fact, that problems had been around since August 2023 when a subsidiary had missed payments. [5] Soon after this the Chinese authorities started investigations against the company. [5]
On 5 January 2024, Zhongzhi declared bankruptcy at the Beijing First Intermediate People’s Court after it could not repay its outstanding debts. [3] [1] [7] [5]
As of January 2024 [update], unless otherwise cited, information from Zhongzhi Enterprise Group. [8]
Financial institutions | Asset management companies | Wealth management companies |
---|---|---|
Zhongrong International Trust Co (partly) [4] [2] | Zhonghai Shengrong | Hang Tang Wealth |
Zhongrong Fund | Zhongzhi International | Xinhu Wealth |
Hengqin Life Insurance | Zhongzhi Capital | Datang Wealth |
Hengbang Property Insurance | Shoutuo Rongsheng | Gaosheng Wealth |
Zhongrong Huixin Futures | ||
Tianke Holding Group |