IEA CHIEF BIROL SAYS HE HOPES ANOTHER OIL STOCKPILE RELEASE IS NOT NEEDED BUT 'WE STAND READY TO ACT'

A Beijing court has ordered the liquidation of Zhongzhi Enterprise Group Co. and more than 300 affiliated companies, according to a court notice, marking a key step in dismantling one of China’s largest shadow banking conglomerates. The Beijing No. 1 Intermediate People’s Court said it accepted the case on Friday, with creditors required to submit claims by June 10 to administrator Beijing Dacheng Law Offices LLP. Zhongzhi filed for bankruptcy in 2024 after defaulting on multiple investment products in 2023 and declaring severe insolvency, prompting criminal investigations and the jailing of its former chairman. Its trust arm Zhongrong International Trust was also placed into liquidation last year. The case highlights regulatory efforts to unwind complex shadow banking structures tied to inter-company guarantees amid broader financial risk containment and follows wider stress across China’s trust sector, which has been hit by the property downturn and deleveraging drive.

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