(Yicai Global) Oct. 30 -- Senior and mid-level executives at China Minsheng Investment Group, China's biggest private investment firm, have agreed to take an average 53 percent salary cut in an attempt to reduce expenses and support the company's strategic restructuring.

The biggest reduction will be 83 percent, The Paper reported, though the salaries of regular employees remain unchanged. The move is one way the Shanghai-based firm can bail itself out and aid restructuring following a campaign Minsheng's labor union launched in May to encourage employee investment in the company.

Minsheng was founded in 2014 through a private investment by the All-China Federation of Industry and Commerce and 59 firms that lead their industries. It had CNY50 billion (USD7.1 billion) in registered capital, but hit a liquidity crisis in February this year.

It subsequently penned a deal with China Great Wall Asset Management under which its new partner would offer packaged, all-inclusive financial services to help it ease liquidity, optimize its asset-liability structure and improve its corporate governance to get back on track.

Minsheng is currently pushing its debt, asset and equity restructuring and per the above agreement will divide its business into three main divisions: operations, domestic investment and international investment.

The company's Singapore-based overseas unit, China Minsheng International Holdings, is also refreshing its management team. It has brought in overseas investment expert Kevin Lee as chairman and appointed Raymond Tan, who has a wealth of experience managing listed Singaporean firms, as chief executive.

Other members of the new team are from South Korea, Singapore, Malaysia and Ireland, helping the company operate 24 hours a day in the United States, Sweden, Colombia, Singapore and many other countries and regions.

Editor: James Boynton