China Prosecutors Charged 49 Employees of China Leading Asset Manager Zhongzhi Enterprise Group Which Filed for Bankruptcy in 2024 January Due to Inability to Repay Debt, Capital Shortfall of $36.4 Billion, Negative Assets with Large Exposure to Real Estate Sector, Assets of $28 Billion & Liabilities of Between $60 Billion to $64 Billion, China Police Starts Investigation into Wealth Management Unit for Suspected Crimes, Founder Xie Zhikun Died of Heart Attack in 2021 with Nephews Currently Holding Key Positions
16th August 2024 | Hong Kong
China prosecutors have charged 49 employees of China leading asset manager Zhongzhi Enterprise Group, which had filed for bankruptcy (5/1/24) due to inability to repay debts. Zhongzhi Enterprise Group has a capital shortfall of $36.4 billion. In 2024 March, China police arrested and detained suspects & senior executives of China leading asset manager Zhongzhi Enterprise Group, which had filed for bankruptcy (5/1/24) due to inability to repay debts. In 2023 November, Zhongzhi Enterprise Group issued a statement to investors of negative assets with large exposure to real estate sector, reporting assets of $28 billion (CNY 200 billion) and liabilities of between $60 billion to $64 billion (CNY 420 billion to CNY 460 billion). In late November 2023, China police (Beijing) started investigation into China leading asset manager Zhongzhi Enterprise Group wealth management unit for suspected crimes. Zhongzhi Enterprise founder Xie Zhikun had died of a heart attack in 2021 with his nephews currently holding key positions in the group. Founded in 1995, Zhongzhi Enterprise Group (“ZEG”) is a leading Chinese asset management corporation headquartered in Beijing, China. In December 2023, China leading asset manager Zhongzhi Enterprise Group 2 majority owned listed-companies chairmen had done missing. The 2 Chairmen are Dalian My Gym Education Technology Chairman Ma Hongying and Xinjiang Tianshan Animal Husbandry Bio-engineering Chairman Ma Changshui.
“ China Prosecutors Charged 49 Employees of China Leading Asset Manager Zhongzhi Enterprise Group Which Filed for Bankruptcy in 2024 January Due to Inability to Repay Debt, Capital Shortfall of $36.4 Billion, Negative Assets with Large Exposure to Real Estate Sector, Assets of $28 Billion & Liabilities of Between $60 Billion to $64 Billion, China Police Starts Investigation into Wealth Management Unit for Suspected Crimes, Founder Xie Zhikun Died of Heart Attack in 2021 with Nephews Currently Holding Key Positions “
China Police Arrested & Detained Suspects & Senior Executives of China Leading Asset Manager Zhongzhi Enterprise Group Which Filed for Bankruptcy in 2024 January Due to Inability to Repay Debts, Negative Assets with Large Exposure to Real Estate Sector, Assets of $28 Billion & Liabilities of Between $60 Billion to $64 Billion, China Police Starts Investigation into Wealth Management Unit for Suspected Crimes, Founder Xie Zhikun Died of Heart Attack in 2021 with Nephews Currently Holding Key Positions
23rd March 2024 – China police has arrested and detained suspects & senior executives of China leading asset manager Zhongzhi Enterprise Group, which had filed for bankruptcy (5/1/24) due to inability to repay debts. In 2023 November, Zhongzhi Enterprise Group issued a statement to investors of negative assets with large exposure to real estate sector, reporting assets of $28 billion (CNY 200 billion) and liabilities of between $60 billion to $64 billion (CNY 420 billion to CNY 460 billion). In late November 2023, China police (Beijing) started investigation into China leading asset manager Zhongzhi Enterprise Group wealth management unit for suspected crimes. Zhongzhi Enterprise founder Xie Zhikun had died of a heart attack in 2021 with his nephews currently holding key positions in the group. Founded in 1995, Zhongzhi Enterprise Group (“ZEG”) is a leading Chinese asset management corporation headquartered in Beijing, China. In December 2023, China leading asset manager Zhongzhi Enterprise Group 2 majority owned listed-companies chairmen had done missing. The 2 Chairmen are Dalian My Gym Education Technology Chairman Ma Hongying and Xinjiang Tianshan Animal Husbandry Bio-engineering Chairman Ma Changshui.
China Leading Asset Manager Zhongzhi Enterprise Group Files for Bankruptcy Due to Inability to Repay Debts, Negative Assets with Large Exposure to Real Estate Sector, Assets of $28 Billion & Liabilities of Between $60 Billion to $64 Billion, China Police Starts Investigation into Wealth Management Unit for Suspected Crimes, Founder Xie Zhikun Died of Heart Attack in 2021 with Nephews Currently Holding Key Positions
8th January 2024 – China leading asset manager Zhongzhi Enterprise Group has filed for bankruptcy (5/1/24) due to inability to repay debts. In 2023 November, Zhongzhi Enterprise Group issued a statement to investors of negative assets with large exposure to real estate sector, reporting assets of $28 billion (CNY 200 billion) and liabilities of between $60 billion to $64 billion (CNY 420 billion to CNY 460 billion). In late November 2023, China police (Beijing) started investigation into China leading asset manager Zhongzhi Enterprise Group wealth management unit for suspected crimes. Zhongzhi Enterprise founder Xie Zhikun had died of a heart attack in 2021 with his nephews currently holding key positions in the group. Founded in 1995, Zhongzhi Enterprise Group (“ZEG”) is a leading Chinese asset management corporation headquartered in Beijing, China. In December 2023, China leading asset manager Zhongzhi Enterprise Group 2 majority owned listed-companies chairmen had done missing. The 2 Chairmen are Dalian My Gym Education Technology Chairman Ma Hongying and Xinjiang Tianshan Animal Husbandry Bio-engineering Chairman Ma Changshui.
China Leading Asset Manager Zhongzhi Enterprise Group 2 Majority Owned Listed-Companies Chairmen Missing, Dalian My Gym Education Technology Chairman Ma Hongying & Xinjiang Tianshan Animal Husbandry Bio-engineering Chairman Ma Changshui
8th December 2023 – China leading asset manager Zhongzhi Enterprise Group 2 majority owned listed-companies chairmen have gone missing. The 2 Chairmen are Dalian My Gym Education Technology Chairman Ma Hongying and Xinjiang Tianshan Animal Husbandry Bio-engineering Chairman Ma Changshui. In late November 2023, China police (Beijing) started investigation into China leading asset manager Zhongzhi Enterprise Group wealth management unit for suspected crimes. Zhongzhi Enterprise founder Xie Zhikun had died of a heart attack in 2021 with his nephews currently holding key positions in the group. In late November 2023, Zhongzhi Enterprise Group issued a statement to investors warning of negative assets with large exposure to real estate sector, reporting assets of $28 billion (CNY 200 billion) and liabilities of between $60 billion to $64 billion (CNY 420 billion to CNY 460 billion). Founded in 1995, Zhongzhi Enterprise Group (“ZEG”) is a leading Chinese asset management corporation headquartered in Beijing, China.
China Police Starts Investigation into Leading Asset Manager Zhongzhi Enterprise Group Wealth Management Unit for Suspected Crimes, Founder Xie Zhikun Died of Heart Attack in 2021 with Nephews Currently Holding Key Positions, Zhongzhi Warned Investors of Negative Assets with Large Exposure to Real Estate Sector, Assets of $28 Billion & Liabilities of Between $60 Billion to $64 Billion
30th November 2023 – China police (Beijing) has started investigation into China leading asset manager Zhongzhi Enterprise Group wealth management unit for suspected crimes. Zhongzhi Enterprise founder Xie Zhikun had died of a heart attack in 2021 with his nephews currently holding key positions in the group. In late November 2023, Zhongzhi Enterprise Group issued a statement to investors warning of negative assets with large exposure to real estate sector, reporting assets of $28 billion (CNY 200 billion) and liabilities of between $60 billion to $64 billion (CNY 420 billion to CNY 460 billion). Founded in 1995, Zhongzhi Enterprise Group (“ZEG”) is a leading Chinese asset management corporation headquartered in Beijing, China.
China Leading Asset Manager Zhongzhi Enterprise Group Issues Statement to Investors of Negative Assets with Large Exposure to Real Estate Sector, Assets of $28 Billion & Liabilities of Between $60 Billion to $64 Billion
24th November 2023 – China leading asset manager Zhongzhi Enterprise Group has issued a statement to investors of negative assets with large exposure to real estate sector, reporting assets of $28 billion (CNY 200 billion) and liabilities of between $60 billion to $64 billion (CNY 420 billion to CNY 460 billion). Founded in 1995, Zhongzhi Enterprise Group (“ZEG”) is a leading Chinese asset management corporation headquartered in Beijing, China.
Zhongzhi Enterprise Group
Founded in 1995, Zhongzhi Enterprise Group (“ZEG”) is a leading Chinese asset management corporation headquartered in Beijing, China. Over the years, upholding the corporate culture of “being diligent and putting people first” and carrying through the strategy of pursuing industry-finance integration and serving the real economy with financial services, ZEG has brought into shape an industry-finance combined business model and gradually grown into a conglomerate with comprehensive operations, including real industries, asset management, financial services, wealth management, etc.
With regard to real-industry operations, to answer China’s call for industry-finance integration and dual circulation strategy. ZEG relies on controlling shares in a string of listed companies and unicorn fostering platforms and strives to fix the areas of weaknesses in supply-side reform by vigorously fostering pacesetting sectors such as semiconductor, big data, big consumption, big health, early childhood education, new energy vehicles, environmental protection, business outsourcing services, etc. In Inner Mongolia, Shanxi, Guizhou, Yunnan and other provinces (regions), ZEG has proven 4.5 billion tons of coal reserves, owning more than 30 mining rights and prospecting rights, including main coking coal, blended coking coal, anthracite, etc., with a designed production capacity of more than 20 million Tons/year. Metal and non-metal mines spread across 12 provinces across the country, with a potential value of more than 120 billion yuan, including gold, silver, copper, iron, tungsten, manganese and lithium, and aggregates of sand and gravel.
With regard to financial operations, ZEG holds strategic shares in six licensed financial institutions, including Zhongrong International Trust, Zhongrong Fund, Hengqin Life Insurance, Hengbang Property Insurance, Zhongrong Huixin Futures and Tianke Holding Group. ZEG controls or holds shares in five asset management companies, namely Zhonghai Shengrong, Zhongzhi International, China Innovative, Zhongzhi Capital, and Shoutuo Rongsheng, with operations covering real estate management, distressed asset management, mixed ownership reform of state-owned enterprises, M&A, private equity investment, etc. Controlling or holding shares in four wealth management companies, namely Hang Tang Wealth, Xinhu Wealth, Datang Wealth, and Gaosheng Wealth, ZEG is committed to building a global wealth management platform for high-net-worth clients and providing them with professional and comprehensive financial services.
Since its establishment, ZEG has always kept in mind the importance of giving back to the society and people, stayed true to its commitment of remaining socially responsible and benevolent, and actively taken on its social responsibilities. Adhering to the philosophy of “pursuing steady progress and putting philanthropy at the core”, ZEG attaches utmost importance to the education and has by far donated more than RMB 1.05 billion to prestigious universities such as Peking University, Tsinghua University, Fudan University, Nankai University, Beijing Normal University, Central China Normal University, Harbin Institute of Technology, Central Academy of Fine Arts, Westlake University, and China University of Political Science and Law for founding research institutions, setting up scholarships and supporting personnel training.
In the meantime, ZEG firmly supports the CPC Central Committee’s strategic planfor poverty alleviation and has put in vigorous efforts to carry out poverty alleviation projects. In 2016 and 2017, ZEG donated RMB 169 million to Makit County in Xinjiang to support the development of ethnic minorities in the border areas. In April 2019, to support the campaign of “Learning to Speak Mandarin in Preschools” jointly staged by the former Leading Group Office of Poverty Alleviation and Development of the State Council and the Ministry of Education, ZEG decided to invest RMB 1 billion to combine poverty alleviation with education. As a stellar example of education-driven poverty alleviation, this initiative was included into “Poverty Alleviation: China’s Experience and Contribution”, a white paper published by the State Council in April 2021.
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