Anbang, China’s insurance and wealth management giant, has aggressively engaged in overseas expansion in the past, turning investors’ money into wide west capitals and China’s risk reducing industry into a hub for rampant financial speculations. Its splashy global takeovers have increasingly attracted the authority’ scrutiny, as China stepped up its enforcement actions against the insurance industry. Amid Anbang’s political troubles, Wu, Xiaohui, the chairman of the company was arrested on Tuesday, which has dramatically downturned its sales’ revenues, putting the company’s survival at risk. As jittery investors flood the internet with outpouring worries, concerns over the impact of the company’s fiasco over the stability of China’s financial system soar.
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