Financing Arm of Embattled CEFC Halts Bond Sale
The main financing arm of embattled CEFC China Energy has dropped a plan to issue bonds to raise up to 5 billion yuan ($795 million), raising fresh concerns about deepening troubles for China’s largest private energy conglomerate.
In a statement Tuesday, the Shanghai Stock Exchange said CEFC Shanghai International Group had halted the plan, which was designed to raise money to repay debts and supplement working capital. CEFC Shanghai’s board and shareholders approved the bond issuance last year.
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