Shoemaker’s Bond Craters on Buyback Doubts
*Price of the Fuguiniao bond began sliding after it resumed trading on March 1 after an 18-month suspension
*Bond custodian Guotai Junan Securities had warned in a statement that Fuguiniao has “not had a concrete arrangement for funds needed for the buyback and interest payment”
(Beijing) — The bond of a well-known Chinese shoemaker has plummeted nearly 90% in value over the past week as investors worry that the company won’t honor its buyback commitment.
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