Huishan tapped shadow banks as condition worsened
China’s Huishan Dairy raised millions of dollars by selling shadow bank products labelled as “low risk” to the public last year, only months before missed loan payments sent creditors scrambling to protect themselves, according to exchange listings in north-east China. Huishan’s share price plunged 85 per cent in Hong Kong on March 24 amid reports — which the company denies — that chairman and controlling shareholder Yang Kai embezzled Rmb3bn […]



