Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
Pony AI, WeRide Seek to Raise Combined $1.3 Billion in Hong Kong
Tech Brief (Oct. 27): Huawei EV Partner Seres Unveils Hong Kong IPO Plan
Tech Brief (Oct. 28): Meituan Releases Open-Source Video Generation Model
LATEST
MiniMax Unveils M2 Model to Compete on Speed and Cost
Pony AI, WeRide Seek to Raise Combined $1.3 Billion in Hong Kong
Tech Brief (Oct. 28): Meituan Releases Open-Source Video Generation Model
Tech Brief (Oct. 27): Huawei EV Partner Seres Unveils Hong Kong IPO Plan
Tech Brief (Oct. 24): China Vows to Accelerate Tech Self-Reliance
Tech Brief (Oct. 23): China Cracks Down on Smart Devices Over Data Violations
Chinese Firms Urged to Fortify Online Brands as Cybersquatting Costs Mount
Tech Brief (Oct. 16): China’s Tech Minister Meets With Apple CEO
China Debuts Ultrafast Oscilloscope in Drive to Break Tech Barriers
Tech Brief (Oct. 15): Google to Invest $15 Billion in India for AI Hub
Tech Brief (Oct. 13): Wingtech Temporarily Loses Control of Dutch Chipmaker Nexperia
Tech Brief (Oct. 10): China’s AI Server Market Doubles
Tech Brief (Oct. 9): SoftBank to Acquire ABB’s Robotics Business
Tech Brief (Sept. 30): U.S. Widens Export Blacklist
U.S. Tightens Export Controls to Cover Subsidiaries of Blacklisted Firms
DeepSeek Unveils New Model With Sparse Attention, Slashes API Costs
Tech Brief (Sept. 29): Meituan’s Food-Delivery Platform Keeta Launches in Dubai
Chinese Chipmaker Moore Threads Gets Fast Track Approval to $1.1 Billion IPO
Chinese Drone Maker XAG Files for Hong Kong IPO After First Annual Profit
GPT Weekly: Nvidia to Invest $100 Billion in OpenAI

By Han Wei / Nov 20, 2018 01:40 AM / Finance

Sun Hengchao. Photo: VCG

Sun Hengchao. Photo: VCG

Sun Hengchao, chairman of the privately owned Baota Petrochemical Group, was arrested on criminal charges after defaulting on debts, the financial unit of Baota Petrochemical said Monday in a statement.

Sun Peihua, chairman of the financial unit, who is Sun Hengchao’s son, was also arrested. It was unclear what violations the Suns are accused of. But several company sources said the charges are likely to be related to the company’s debt crisis.

As of the end of September, Baota Petrochemical had 34 billion yuan ($4.9 billion) of liabilities, including 26 billion yuan to be repaid within one year. The company’s actual debts could be even higher as it has used the financial unit for off-balance sheet borrowings, sources said.

Sun and the company have been listed as debt defaulters after repeatedly missing payments of 65 million yuan since July.

Related: Sun Hengchao: Private Sector Faces Difficulties in Financing

Share this article
Open WeChat and scan the QR code