Caixin
Feb 12, 2019 01:11 AM
FINANCE

Cash-Strapped Investment Firm Hit by Another Bond Sell-Off

The headquarters of China Minsheng Investment Group is seen in Shanghai on Aug. 11. Photo: IC
The headquarters of China Minsheng Investment Group is seen in Shanghai on Aug. 11. Photo: IC

Debt-ridden investment group China Minsheng Investment Group Corp. Ltd. (CMIG) was hit Monday by another sell-off that wiped out nearly 28% of the value of its bonds as investor anxiety builds amid the company’s deepening liquidity woes.

The price of CMIG’s 4.48 billion yuan ($659.4 million) of three-year bonds traded on the Shanghai Stock Exchange plunged as much as 30% Monday, the first trading day after the week-long break for the Chinese New Year. The drop forced exchange regulators to abruptly halt trading in the bonds twice during the day.

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