Anbang Insurance Group

Founded in 2004 by Wu Xiaohui, Anbang Insurance Group grew from a regional car insurer into a global financial powerhouse through a series of high-profile international acquisitions, including the Waldorf Astoria New York hotel and various insurance companies in Europe and Asia. The company's aggressive, debt-fueled expansion raised concerns about its financial stability. In February 2018, the Chinese government seized control of Anbang, citing the need to protect consumers and maintain financial stability after its chairman was detained for economic crimes. The company has since been restructured, with its core assets transferred to the newly formed, state-owned Dajia Insurance Group.