China's largest private investment fund, China Minsheng Investment Group, was on the verge of bankruptcy, Bloomberg reported. The Chinese financial sector is experiencing a non-payment crisis - in 2018 overdue payments reached 120 billion yuan. CMIG Investment Fund urgently needs to pay $800 million to Eurobond holders after it failed to redeem bonds worth 3 billion yuan back in February. The fund, the assets of which amount to $45.5 billion, does not seem to have the means to pay the debt in excess of $35 billion. The Hong Kong Stock Exchange received a notice from the fund stating that it hired lawyers from Kirkland & Ellis. This message, in conjunction with the fact that banks have assembled a committee of creditors, speaks of the approaching bankruptcy of the fund with the exchange of debt for shares.
China’s Tencent buys Malaysian streaming platform Iflix in a push into South East Asia23.06.2020
Asian stocks in rocky trade over U.S.-China trade confusion23.06.2020
Euro gains as U.S.-China trade deal back in focus22.06.2020
The largest German airline Lufthansa gears up for bailout showdown with investors