Mr. Wang finally sought the protection of a deep-pocketed state-controlled company, a rail transportation firm called Shenzhen Metro Group, which became Vanke’s biggest shareholder. Advertisement Continue reading the main storyIn a statement, Shenzhen Metro said it “pays tribute to Wang Shi and respects his decision.” A spokesman for Vanke declined to make Mr. Wang available for comment. A spokeswoman for Shenzhen Metro declined to comment further. In 2016, Mr. Wang brought in Shenzhen Metro Group as a shareholder. Regulators were just beginning to heavily scrutinize sales of insurance products that function more like investment products.

Source: New York Times June 21, 2017 11:26 UTC