ZEG

It followed reports that ZEG had declared it was insolvent.

The latest developments at ZEG have raised concerns of further turmoil in the world's second-largest economy, after the collapse of property developer Evergrande and financial woes at Country Garden.

On Friday, a Beijing court published a statement on the social media network WeChat saying that ZEG's "assets are insufficient to pay off all debts, and it clearly lacks the ability to repay in full".

The latest developments at ZEG has raised concerns of further turmoil in the world's second-largest economy, after the collapse of property developer Evergrande and more recently the financial woes at Country Garden.

ZEG is a major player in China's shadow banking industry, a term for a system of lenders, brokers and other credit intermediaries who fall outside the realm of traditional regulated banking.