China takes over nine financial institutions for one year

China’s financial authorities announced the takeover of nine financial institutions for one year from Friday.

The companies to be taken over are four insurers — Tian An Property Insurance, Huaxia Life Insurance, Tian An Life Insurance, and 1An.com, and two trust firms — New Times Trust and New China Trust, which had violated rules, the China Banking and Insurance Regulatory Commission said on its website.

The six companies will operate normally after being taken over, the commission said.

The China Securities Regulatory Commission also announced on Friday the takeover of two securities firms and one futures brokerage for one year until July 16, 2021.

The takeover of New Times Securities, Guosheng Securities and Guosheng Futures comes after the companies were found to have concealed information about controllers and shareholder structures, and being mismanaged, the CSRC said.