China is pushing companies to unwind large stakes in commercial banks that were built using borrowed funds, as it tightens its clampdown on leveraged dealmaking.
The China Banking Regulatory Commission said it would over the next year make corporations withdraw from stakes of more than 5 per cent if financial products had been used to fund the acquisitions.
The action is the latest by Chinese authorities to rein in aggressive acquisitions, particularly those involving risky funding sources, with the head of the CBRC specifically attacking “barbarian” insurers that used borrowed funds for M&A activity.
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