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Jan 18, 2024 - 11:46
By asia.nikkei.com

Chinese shadow bank Zhongzhi's bankruptcy accepted by Beijing court

HONG KONG - A court in Beijing declared on Friday that it has accepted an application for bankruptcy liquidation by Zhongzhi Enterprise Group, the embattled Chinese wealth manager with substantial debt.

The official document published by Beijing No.1 Intermediate People's Court acknowledged that Zhongzhi is not capable to pay off their obligations, given the latest situation and the financial data presented by the company.