Baoshang Bank Went Bankrupt After Being Taken Over in 2019; Over 150 Billion Yuan Occupied by the Tomorrow Group Was Essentially All Lost
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.