Bankruptcy of an Asian team

A really rare case has incurred last Tuesday at People's Republic of China.
In an unable effort to find itself financial support, Tianjin tianhai has gone insolvent. It was founded at Inner Mongolia in 2006 as Hohhot Binhai, and since then the club has changed their name three more times. The trouble began in 2015 where a herbal medicine company took over, who was involved in a pyramid scheme and its owner arrested in January 2019. After that the team carries the current name where it participated at the Asian Champions league for the first time in 2017, reaching the quarterfinal stage. When local championship is concerned (Chinese Super league), Shenzhen is going to be back in the top division after at 2019 finished in last position.
Today came the news that 4 additional clubs from second together with 7 at third division are disbanded because of the situation with the virus and lack of football activities throughout the country.