Chinese state-run asset manager Huarong has been instructed by the country’s combined banking and insurance regulator (CBIRC) to return to its primary remit of controlling non-performing assets, the company said in a statement over the weekend, following the start of an anti-corruption probe into Huarong’s chairman earlier in the week.
According to the statement, vice-chairman of the CBIRC Cao Yu told Huarong’s newly appointed chief Wang Zhanfeng to “ensure the steady development of business operations…focus on the main business of non-performing assets, actively serve the real economy, and improve and refine management.” Wang had until now lead the regulator’s Guangdong branch, Reuters reports.