How China’s JPMorgan Wannabe Became a $34 Billion Debt Risk
- China Minsheng Investment Group highlights private-sector woes
- Former high-flyer shocked investors with missed bond payment
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It was supposed to be China’s answer to JPMorgan Chase & Co.
But less than five years after China Minsheng Investment Group Corp. embarked on plans to become a financial colossus, the company has instead turned into a symbol of the turmoil sweeping China’s once-vaunted private sector. CMIG shocked investors when it missed a bond payment on Jan. 29, and markets remain jittery about the company even after it scraped together enough cash to repay the overdue note on Thursday.