Chinese State-Backed Investors Extend Support to Yet Another Bank

Harbin Bank is linked to a once-powerful tycoon who disappeared in 2017 amid a wave of prosecutions of big private investors in China

SHANGHAI—Harbin Bank Co., a politically linked midsize Chinese lender, said key private shareholders have been replaced by government investors, becoming the latest financial institution to get state backing this year.

Harbin Bank, which is one of the biggest financial businesses in China’s northeast and trades on Hong Kong’s stock exchange, will be 48%-controlled by two government entities after six private shareholders shed their stakes, according to a regulatory statement the lender issued late Friday.

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