Eleven shadow banks have written an open letter to Zhao Kezhi, Hebei Party Secretary, asking for a bailout that would enable the bankrupt company to backstop loans to deadbeat borrowers. The letter appeals directly to the government’s concern about social stability and the fear of retail investors protesting the loss of “blood and sweat money”. The 11 companies sold 24 separate WMPs worth Rmb5.5bn. According to the well-known Chinese financial magazine Caijin, the Hebei Financing Investment Guarantee Group has guaranteed Rmb50bn ($7.8bn) in loans from nearly 50 financial institutions. If the guarantor cannot pay, it could spark defaults on at least 24 high-yielding wealth management products (WMPs).