Zhongzhi, Chinese asset manager, faces liquidity crisis, reveals meeting video
Chinese asset manager Zhongzhi Enterprise Group has informed investors that it is facing a liquidity crisis and will undergo debt restructuring, as the company grapples with the deepening property market downturn. Zhongzhi has hired a Big Four accounting firm to conduct an audit and is seeking strategic investors. The company's subsidiary, Zhongrong International Trust Co, has missed payments on numerous investment products since July. Zhongzhi's management team stated that the plan is to "self-rescue" through restructuring, focusing on debt collection and asset liquidation, but bankruptcy is also a possibility.