Last month, regulators were said to be mulling increased oversight of Huaxia Life, including sending a group of executives from state-owned China Life Insurance Group to assist. Insurers' earnings have been under pressure, and the coronavirus pandemic has only exacerbated that.
The three broking and futures entities were seized for hiding the identity of their ultimate owner or their real holdings, as well as poor corporate governance, the securities regulator said. Anbang's former Chairman Wu Xiaohui was convicted of fraud and the CBIRC was tasked with selling many of the assets Anbang had accumulated during an overseas buying binge.
Tomorrow Group invested primarily in financial services and used shell companies to control many of its assets. Before his disappearance, the Hurun Report of China's richest people said Mr Xiao, a student leader at the time of 1989 pro-democracy protests, is part of a fortune estimated at almost US$6 billion.