A run on the Bank of Huludao in China’s Liaoning Province began on Monday, Aug. 3, a day after the bank announced on its official website that its former president, Wang Xueling, is under investigation on suspicion of serious violations of the Communist Party’s law and discipline.
The stage for a bank run may have been set when the bank’s 2019 annual report showed the total profit and net profit in 2019 fell 57.86% and 59.40% year-on-year, respectively.
