At least three Chinese companies — Nacity Property Service, KBC Corporation and Xianheng International Science and Technology — said in separate stock exchange filings in recent weeks that Zhongrong Trust had failed to pay the interest and principal on several investment products. The scale of payments missed exceeded 110 million yuan , according to their statements.
13 trillion yuan worth of funds … is now under great threat,” Nomura analysts said in a Monday research report. “The turmoil is likely to cause further headwinds to [economic] growth,” they added. Zhongrong tight-lipped One video posted on WeChat, which was later deleted, showed a man dressed in a red vest emblazoned with Zhongrong’s logo using a bullhorn to speak to the agitated group outside the company’s office. “Let me explain. We can’t make any public announcement now,” he said.