China’s wealth management sector is experiencing frequent crises. The third-largest platform, Haiyin Wealth, suddenly announced its collapse in mid-December last year, wiping out 71.6 billion yuan overnight and leaving over 46,000 investors in financial ruin. Victims of Haiyin have continued to protest, recently gathering at the Shanghai Public Security Bureau to seek justice. The issue remains unresolved, and the banking industry, once considered stable, is now experiencing unprecedented turmoil, signaling a wave of collapses.
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China’s Banks Crumble, Rebellions Abound Amid Endless Financial Crises
