China extends takeover period of six financial institutions linked to Tomorrow Holdings

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The takeover period will be extended for another year till July 16, 2022, according to a statement of the China Banking and Insurance Regulatory Commission. (CBIRC)

Chinese regulators in July last year seized control of nine mid-sized firms that have ownership links to Tomorrow Holdings Co, which has been targeted in a government crackdown on systemic risks posed by financial conglomerates.

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