China's Banking regulators issued a statement (May 24) stating that the People’s Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) have taken over the management of Baoshang Bank for two years. The China Construction Bank will assume the daily operations of Baoshang to protect the interests of customers and depositors. Baoshang Bank, based in Inner Mongolia’s Baotou city, was a key part of disgraced financier Xiao Jianhua's business empire, which holds stakes in hundreds of Chinese listed companies via proxies, spanning energy, financial services, technology and real estate, among a myriad of industries.

(Comment: Xiao Jianhua disappeared from Hongkong in January 2017.)