“China Investors Face Tens of Billions in Losses Over Zhongzhi”

“As China’s embattled shadow banking giant Zhongzhi Enterprise Group Co. faces a criminal probe, lawyers and analysts are assessing the damage to investors. One estimate puts that at about $56 billion…

Authorities over the weekend said they’ve opened criminal investigations into the money management business of Zhongzhi, days after it warned of severe insolvency and revealed a shortfall of $36.4 billion in its balance sheet. Investors were urged to report leads and file their complaints online…”

https://finance.yahoo.com/news/china-investors-face-tens-billions-064812726.html