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Zhongzhi Enterprise Group Co is China's shadow banking giant .
2024: Bankruptcy filing
In January 2024, China's Zhongzhi Enterprise Group Co. filed for bankruptcy, claiming insolvency.
2023
Criminal investigation after shortage of $36.4 billion
In November, Chinese authorities said they had launched a criminal investigation into the money management group's business. The company previously found a shortfall of $36.4 billion on its balance sheet.
Liquidity crisis
In August 2023, it became known that Zhongzhi Enterprise Group Co is planning a debt restructuring and is attracting KPMG. The company manages more than 1 trillion yuan ($137 billion) of assets.
Zhongzhi is facing a liquidity crunch amid a downturn in real estate. The company plans to sell the assets after an audit, sources say.
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