China Banking and Insurance Regulatory Commission · Full chronicle and history

On November 23, 2020, the China Banking and Insurance Regulatory Commission announced its approval in principle of Baoshang Bank entering bankruptcy proceedings, and the Beijing No. 1 Intermediate People's Court announced a ruling the same day accepting the application for bankruptcy liquidation of Baoshang Bank.

After being taken over in 2019, Baoshang Bank announced bankruptcy. The top cause of death was that more than 150 billion yuan occupied by Tomorrow Group shareholders was essentially all lost; personal deposits were fully protected, large interbank claims were covered at an average of about 90 percent, and 6.5 billion yuan in Tier 2 capital bonds was written down in full.