On June 20, 2023, at 65438, the CBRC issued a reply announcement, refusing to allow Xinhualian Holding Group Finance Co., Ltd. (hereinafter referred to as "Xinhualian Finance Company") to go bankrupt and reorganize. The announcement shows that Xinhualian Holdings Co., Ltd. does not comply with the relevant provisions of the Measures for the Administration of Finance Companies of Enterprise Groups, and Xinhualian Finance Company will not go bankrupt and reorganize. It is understood that Xinhualian Holdings Limited is the sole shareholder of Xinhualian Finance Company.
According to Article 51 of the Measures for the Administration of Finance Companies of Enterprise Groups, if a finance company meets the bankruptcy conditions stipulated in the Enterprise Bankruptcy Law of the People's Republic of China, with the consent of the China Banking Regulatory Commission, the finance company or its creditors may apply to the people's court for reorganization, reconciliation or bankruptcy liquidation. A financial company that goes bankrupt and reorganizes, and the reorganized enterprise group shall meet the administrative licensing conditions for the establishment of a financial company. The dispatched offices of the CBRC shall take regulatory measures such as suspending relevant businesses according to the business activities and risk status of financial companies entering bankruptcy proceedings.
The reporter of China Bank Insurance News found that since 2022, with the consent of the CBRC, many financial companies have been allowed to enter bankruptcy proceedings, merge or dissolve.
In June 2022, Bengang Group Finance Co., Ltd. was dissolved.
In September 2022, Zhongwang Group Finance Co., Ltd. entered bankruptcy proceedings according to law.
In September 2022, China Electronic Finance Co., Ltd. absorbed and merged Zhenhua Group Finance Co., Ltd. and established Guizhou Branch. After the merger, Zhenhua Group Finance Co., Ltd. was dissolved.
From June 5438 to October 2022, Qingdao Port Finance Co., Ltd. absorbed and merged Rizhao Port Group Finance Co., Ltd.
In June 2022, China Chemical Finance Co., Ltd. was dissolved.
In June 2022165438+1October, China Yi Tuo Group Finance Co., Ltd. was dissolved.
In June 5438 +2023 10, MCC Finance Co., Ltd. was dissolved.
The Industry Development Report of Finance Companies of China Enterprise Group (202 1) points out that some vulnerabilities of finance companies are still worthy of attention and attention when their industries and enterprise groups are under macro pressure. In 2022, in response to a reporter's question about the Measures for the Administration of Financial Companies of Enterprise Groups (Draft for Comment), the head of the relevant department of the China Banking Regulatory Commission said that in recent years, the problem of the transmission of business risks of enterprise groups to financial companies has become increasingly prominent, and individual financial companies have been used as external financing tools by the group, which has accelerated the transformation of industrial risks into financial risks, caused great social negative impact, seriously affected the policy environment, external image and reputation of the entire financial company industry, and also challenged industry supervision.