China Minsheng Banking (HK:1988) has released an update.
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China Minsheng Banking Corp., Ltd. has won a legal case against Oceanwide Group with the Beijing Financial Court ruling in favor of the bank, requiring Oceanwide to repay RMB800 million plus interest. The bank has the right to prioritize compensation from pledged assets, and Lu Zhiqiang is held jointly responsible for the debt. This litigation outcome is aimed at safeguarding the bank’s rights and does not adversely affect its operations.
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