On Sunday, the 12th of January 2020, China’s pro-CCP backed Government-owned news agency, Xinhua said in a report that the Hengfeng Bank, based on the Chinese province of eastern Shandong, had been seeking a public listing over the coming years which might take as long as five years, as the Chinese lender was experiencing a sweeping overhaul of its financial structure over the past couple of years after its former Chair had been found guilty of havoc-scale corruptions that led to the lender to an en masse liquidity issue.
On top of that, as beforementioned, after being caught red-handed over a number of corruption charges roughly a couple of years back by the China’s banking and insurance regulators, the Chinese regulators had appointed one of its staff to oversee the lender’s management issue, while Hengfeng’s former Chair, Jiang Xiyun, who was found guilty of corruption, was sentenced to death last month with a two-year pardon.
Meanwhile, expressing cautious optimism over the Chinese lender’s risk management and liquidity issues, Hengfeng Chairman, Chen Ying, was quoted saying in Sunday’s (January 12th) Xinhua report, “The risk has been dissolved.
The next step will focus on improving corporate management and strengthening risk control... and (the bank) will aim to list in five years. ”