Chinese regulators have seized control of nine troubled insurers, trust companies and securities brokers, in a sign that the government is still grappling to contain hidden risks within the financial sector.
The state intervention, announced on Friday, represents one of the largest financial takeover operations in recent memory.
At least four of the nine institutions being taken over were linked to detained tycoon Xiao Jianhua, who controlled Baoshang Bank before it came under government ownership last year.
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