Chinese lender’s woes reveal its global tentacles

SHANGHAI — A crisis rocking a loosely regulated credit network is underscoring the risks of a financing boom that has funneled Chinese budget funds into Hollywood films and Wall Street businesses.

Crowds of teary-eyed investors from across China flocked to the swanky offices of Shanghai Kuailu Investment Group last week to reclaim their money after the firm halted redemptions of wealth management products for the firm’s approximately 250,000 clients and three subsidiaries would have.

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