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
Chinese Genomics Company BGI to Provide Ethiopia with Coronavirus Testing Kits Made at African Plant
Trending in China: Autumn Milk Tea – Cynical Marketing Strategy or True Friendship?
ByteDance Applies for Chinese Tech Export License as TikTok Negotiations Continue
LATEST
Trending in China: Mission Impossible? Young Environmental Hero Tries To Clean Up Tibet
Chinese Online Travel Agency Trip.com Sees Revenue Plummet As Covid-19 Fallout Lingers
Chinese Supply Chain Provider Xingyun Closes $200m in a Series C Round
Chinese EV Charging Operator Star Charge Nabs $125m Co-Led by Schneider, CICC
Trending in China: One of China’s Weirder Poverty Alleviation Programs Goes Viral with 100m Plus Views
Chinese Carmaker Geely Signs Driver-Assistance System Deal with Mobileye
Chinese Genomics Company BGI to Provide Ethiopia with Coronavirus Testing Kits Made at African Plant
Trending in China: Autumn Milk Tea – Cynical Marketing Strategy or True Friendship?
IFC Mulls $80m Loan to Chinese Pig Rearing Firm Guangxi Yangxiang
Short Video Firm Kuaishou Optimizes Its E-Commerce By Connecting Livestreamers With Quality Products
Segway Owner Set to Make History With Shanghai IPO
BMW’s Use of High-Density Batteries Raises Safety Concerns
ByteDance Applies for Chinese Tech Export License as TikTok Negotiations Continue
Trending in China: Macau Eases Travel Restrictions but Will Covid-19 Tests Kill People’s Travel Bug?
Alibaba Subsidiary Cainiao Pushes Into Malaysia With Cross-Border Delivery Service
Trending in China: School Throws Away Students’ Food Deliveries To Force Use of Canteen
Chinese Electric Carmaker Li Auto Teams Up With U.S. Chipmaker Nvidia
JD.com-Backed Recycling Operator Wanwu Xinsheng Nets Over $100m
HSBC Shares Fall to Lowest Since 2009 As Investors Fret About Financial Crimes Report
Huawei Cuts R&D Investment and Jobs in Australia Amid Tech War
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