July 18, 2020 / 5:04 AM / 19 days ago

China's Tomorrow Holdings questions regulator's takeover of its financial institutions

SHANGHAI, July 18 (Reuters) - Chinese conglomerate Tomorrow Holdings Co Ltd on Saturday questioned top regulators’ latest move to take over its financial assets.

The statement, published on the company’s official WeChat account on Saturday, came after Chinese regulators decided a day earlier to seize control of the conglomerate’s affiliated financial institutions, part of a campaign by authorities seeking to stem systemic financial risks in a slowing economy.

Tomorrow Holdings said that it had been actively dealing with asset disposals, and that so far none of its financial institutions has faced liquidity risks.

It added that regulators have made it difficult to dispose of assets and have exaggerated risks.

Xiao Jianhua, owner of the Beijing-based conglomerate, returned to the mainland China in early 2017 to fully cooperate with investigations, according to the statement. (Reporting by Winni Zhou, Cheng Leng and Tony Munroe. Editing by Gerry Doyle)

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