- Reuters•8 months ago
As China's economy slows and Beijing becomes more relaxed about letting its companies fail, a rising number of foreign bondholders risk being caught up in the country's unpredictable court system. Last month, solar producer Baoding Tianwei Group became China's first ever state-owned company to default on a bond coupon payment, showing Beijing's increasing willingness to let companies go bust in a bid to reform its corporate market. Although onshore and offshore bondholders have equal standing in China's bankruptcy law, lawyers and investors who have experienced corporate failures in China, say bankruptcy proceedings are subject to interference from local government officials who rarely prioritise offshore bondholders.
- Bloomberg•2 years ago
Shanghai Chaori Solar Energy Science & Technology Co. (002506) , the first Chinese company to default on corporate bonds in its home market, fell by the daily limit after a bondholder sought to force it into bankruptcy proceedings. The company, which makes solar panels and components including cells and wafers, fell by 5 percent to 2.46 yuan. That prompted a letter on April 3 from Shanghai Yihua Metal Materials Ltd. saying the creditor had submitted a petition to Shanghai No. 1 Intermediate People’s Court seeking bankruptcy restructuring of the manufacturer.
|52wk Range||0.64 - 19.40|
|Day's Range||6.71 - 7.40|
|Avg Vol (3m)||55,511,093|
As of 3:00 AM EDT. Market closed.