Chinese shadow banking conglomerate Zhongzhi Enterprise Group filed for bankruptcy liquidation on Friday, unable to repay its debts. Zhongzhi had warned investors in August about liquidity issues and declared insolvency in November. Shadow banks in China pool funds to offer loans for real estate, stocks, bonds, and commodities, often financing property developers. A government bailout is unlikely for Zhongzhi due to its involvement with non-standard wealth management products that are discouraged or banned by Chinese regulators, who liken them to a Ponzi scheme.