Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Tencent’s PUBG Mobile Game Hits $3 Billion Milestone
Luckin Coffee Shareholders Vote to Remove Chairman, Bloomberg Reports
France Won’t Ban But Will Discourage Use of Huawei 5G Equipment, Official Says
Trending in China: ‘Lipstick King’ Li Jiaqi Settles in Shanghai, Prompting a Rethink of ‘Talent’
Tencent Plays in U.S. With California Game Studio Launch
Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
Chinese Self-Driving Truck Firm Aims to Cover Most of U.S. by 2024
Trending in China: Chinese Netizens Tell Indian Prime Minister Modi To ‘Shut The Door On The Way Out’ As He Quits Weibo
Trending in China: If You Can’t Beat Them, Join Them – Why Tencent is Laughing At Itself
Meituan Eyes Robot-Enabled Deliveries with $14 Million Investment in PuduTech
India Ban Could Hit TikTok’s Parent Company to the Tune of $6 Billion
Sina Weibo to Issue $750 Million in Bonds
Embattled Leshi Forced to Sell Smart TV, Livestreaming Trademarks
Autowise.ai and Swiss Cleaning Carmaker Launch Driverless Street Sweeper
Trending in China: How an ‘Old Godmother’ Took on China’s Internet Giant and Won
China’s IT Spending Expected to Hit $297 Billion: IDC
TikTok Moves Data Protection of European Users from U.S. to U.K. and Ireland
Trending in China: Dazed and Confused – China’s Elderly in Online Pandemic World
Alibaba-Owned Taobao Live Sacks Former Operating Head for Corruption
Troubled Pork-Processing Group Starved Livestock Due to 'Insufficient Supply' of Feed

By Zhao Runhua and Li Liuxi / Feb 01, 2019 01:05 PM / Business & Tech

Photo: VCG

Photo: VCG

A major pork-processing group admitted to starving pigs to death after a lack of capital caused an “insufficient supply” of feed.

The announcement spells further trouble for the company, the Shenzhen-listed Truein Agro-Pastoral Group, whose operations were already haunted by debt troubles and the swine fever epidemic.

Truein now expects to lose between 2.9 billion yuan ($432 million) and 3.3 billion yuan in the 2018 fiscal year – a dramatic increase from its third-quarter report, when the company predicted it would lose no more than 1.7 billion yuan.

Truein currently has much of its funds tied up in investment projects, Caixin has learned

This is far from the company’s first sign of trouble. When Truein expected to default on a 528 million yuan corporate bond (interest included) in November 2018, it proposed to debtors that it would pay the interest with ham and organic pork hampers. Some creditors did accept the unusual payments – but Truein released no follow-up announcement regarding final payment results.

Related: African Swine Fever Cases Spike in Northeast


Share this article
Open WeChat and scan the QR code