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.

TRENDING
GPT Weekly: OpenAI Completes Restructuring
Tech Brief (Oct. 31): China Launches $7.2 Billion Fund for Strategic Industries
Tech Brief (Oct. 30): Nvidia Becomes First Tech Firm to Top $5 Trillion Market Cap
LATEST
Tech Brief (Oct. 31): China Launches $7.2 Billion Fund for Strategic Industries
GPT Weekly: OpenAI Completes Restructuring
Tech Brief (Oct. 30): Nvidia Becomes First Tech Firm to Top $5 Trillion Market Cap
Former China Unicom Executive Gets 12 Years for Taking $3.8 Million in Bribes
Tech Brief (Oct. 29): China Unveils Five-Year Plan to Foster Emerging, Future Industries
Huawei’s Bold AI Bet Aims to Fill Nvidia’s Void in China
China’s STAR Market Embraces Unprofitable Tech With $14.6 Billion ESWIN Debut
China Mobile Names China Unicom Chief as New Chairman
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
Kangde Xin Chairman Steps Down After Bond Default

By Han Wei / Feb 13, 2019 12:30 AM / Finance

Photo: VCG

Photo: VCG

The chairman of a Chinese auto parts supplier that defaulted on 1.55 billion yuan ($230 million) of bonds stepped down Tuesday, sparking fresh fears among creditors that they won’t be able to get their money back.

Zhong Yu, chairman of Shenzhen-listed Kangde Xin Composite Material Group Co. Ltd., resigned for personal reasons, the company said in a statement. Zhong holds the controlling interest in Kangde Xin.

Kangde Xin in January failed to repay principal and interest on 1.55 billion yuan of debt, although the company’s financial report showed it held more than 15 billion yuan in cash and bank deposits just four months ago.

Zhong in late January told creditors that he is willing to provide a personal guarantee for the company’s debts and promised repayments by the end of March.

Kangde Xin, based in the city of Zhangjiagang in the eastern province of Jiangsu, is the latest defaulter in China’s wave of bond defaults. The company has supplied automakers such as BMW and Mercedes-Benz with carbon fiber composite materials, according to its annual reports.

Related: Chinese Bond Defaulter’s Chairman Offers Personal Guarantee

A previous version of this story incorrectly identified Kangde Xin's former chairman. His name is Zhong Yu.

Support independent journalism from China. Subscribe to Caixin Global starting at $0.99.

Share this article
Open WeChat and scan the QR code