Jilin Trust and Ping An Trust both operate in the shadows of the Chinese financial system, providing loans to borrowers deemed too risky by banks, but that is where the similarities end.
Jilin Trust warned investors in December that one of its products – securities backed by loans to an overleveraged coal miner in northern China – was at risk of failing. Jilin Trust had attracted investors by promising a 10 per cent annual return, but did not take any collateral from the miner, instead accepting a guarantee from another coal company that is now also struggling.
At the same time, analysts with Ping An Trust hunched over their desks in the financial hub of Shanghai, crunching numbers from hundreds of local governments throughout China.
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