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BUSINESS & TECH

CEFC Unit Suspends Bond Trading After Probe Report Sparks Sell-Off

The bond sell-off which prompted the suspension began after Caixin reported that Ye Jianming, chairman of CEFC China Energy, CEFC Shanghai International Group's parent company, was under investigation. Photo: IC
The bond sell-off which prompted the suspension began after Caixin reported that Ye Jianming, chairman of CEFC China Energy, CEFC Shanghai International Group's parent company, was under investigation. Photo: IC

Trading in 14 billion yuan ($2.2 billion) worth of bonds issued by CEFC Shanghai International Group was suspended on Friday, after plunging the previous day on reports that the chairman of the company’s parent was under investigation.

The company announced the suspension in a filing to the Shanghai stock exchange, without giving any indication of when trading might resume. “In order to protect the interests of bondholders and avoid unusual movements for bonds already issued … the company’s bonds will suspend trading from March 1,” it said in a statement. (link in Chinese)

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