Chinese authorities open probe into troubled shadow bank Zhongzhi

Police urged investors to report cases or provide leads to the authorities, including filing complaints online

Chinese authorities said they recently opened criminal investigations into the money management business of Zhongzhi Enterprise Group, days after the embattled shadow banking giant revealed a shortfall of $36.4 billion in its balance sheet.
 

Police in Beijing that they took “criminal mandatory measures” against multiple suspects, identifying one by the last name Xie. They urged investors to report cases or provide leads to the authorities, including filing complaints online. 
 

Xie Zhikun, the group’s founder, died in 2021, but several of his relatives are currently executives at the company.The statement didn’t elaborate on what the measures entail or what crimes they may have committed.
 

The legal terminology used to describe the situation was similar to that in the case of China Evergrande Group’s billionaire chairman Hui Ka Yan. Evergrande said in September that Hui was suspected of committing crimes.

The mandatory, or coercive measures, can take several forms, including summons, release on bail and residential surveillance, detention and arrest, according to the Chinese procedure law. 

Changan Auto, Huawei sign deal to set up smart car systems unit

Huawei has joined with Chinese carmaker Chongqing Changan Automobile to set up a company engaged in the research and development, design, and sales of intelligent automotive systems and component solutions, according to a Sunday filing on the Shenzhen Stock Exchange.

"The two parties will jointly support the target company to become an industry leader in automotive intelligent systems and component solutions based in China," the filing from Changan Auto said.