© Reuters. A sign is seen on a building of the headquarters of Fosun International, in Shanghai, China, March 29, 2016. REUTERS/Aly Song/File Photo
SHANGHAI (Reuters) – Fosun International said on Wednesday that media reports saying Chinese regulators have told the country’s biggest banks to start a round of checks on their financial exposure to the Chinese conglomerate were false.
Bloomberg reported on Tuesday that regulators including the China Banking and Insurance Regulatory Commission (CBIRC) had requested that commercial banks check their exposure to Fosun’s debt and understand potential liquidity risks.
Fosun said in a statement such reports were “sheer nonsense” and that it had sought confirmation from regulators through multiple channels. The CBIRC has not asked banks about their financial exposure to Fosun and many banks that cooperate with Fosun have not received such a notice, the company said.