China’s ‘Secret Financial Empire’ Collapses in Leadup to the Vote for Next Communist Party Leader

Tomorrow Holdings, a financial empire that serves Chinese Communist Party's top families, is broken up

A clerk counts stacks of US dollars and Chinese yuan at a bank in Shanghai, China on July 22, 2005. China Photos/Getty Images

Tomorrow Holdings, the most secretive conglomerate in China’s capital markets, is facing dismantlement by the country’s top financial regulator.

On Aug. 3, the Inner Mongolia Supervisory Bureau, under China Banking and Insurance Regulatory Commission (CBIRC), announced a raft of penalties against the conglomerate.