Caixin Global – Latest China News & Headlines

Home >


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.

Fashion E-Retailer Mogu Gets Livestreaming Lift in Otherwise Dismal Quarter
Chinese-Focused Food Delivery App HungryPanda Raises $70m
Trending in China: Should Chinese School Employees be Punished for Celebrating Thanksgiving?
China Exempts Tesla Model Y from Purchase Tax
GL Ventures Leads $265m Series C Round in Chinese SaaS Edtech Firm EEO
In 165 countries, China's Beidou eclipses American GPS
China On Cusp of Becoming Third Ever Country to Collect Lunar Samples as Chang’e 5 Prepares for Moon Landing Among Bidders for Japanese Skincare Brand Fancl’s Asian Business: Reuters
Trending in China: Did Sichuan Forget to Tell Chongqing About Their Joint Olympic Bid?
Alibaba’s Healthcare Unit Finds Tonic for Profits
Trending in China: Beijing Tackles Parking Shortage With Shared Spaces
Chinese Wireless Telecoms Operators Join Forces to Build 5G Base Stations to Reduce Costs
Ruhnn, Another U.S.-Listed Chinese Company Looks to Go Private
Unicorns surge to 500 in number as US and China account for 70%
Trending in China: Social Media Comes Out in Support of High Quality Fakes
Xiaomi-Backed IoT-Enabled Appliance Maker Sees Revenues Grow While Profits Slump
Chinese Startup WeRide Reports Promising Robotaxi Results
Trending in China: God recalls his hand – tributes to Maradona from Chinese social media after his death
Tesla to Manufacture Electric Car Chargers in China
China Restricts Livestreaming Spending and Blocks Underage Users from Tipping Performers
Qinghai SOE Made Late Payments After Default Fears

By Han Wei / Feb 26, 2019 05:23 PM / Business & Tech

A state-owned aluminum producer said it has made last-minute payments on 20 million yuan ($3 million) in debts that were due Monday, averting a default that has sparked fresh concerns over the financial health of China’s corporate sector.

Qinghai Provincial Investment Group Co. Ltd. said Tuesday morning in a statement that it has made full repayments on principle and interests of the one-year private placement note totaling 21.4 million yuan to the Shanghai Clearing House by 7:00 p.m. Monday. The delayed payment, which was due at 5:00 p.m., was due to technical reasons, the company said in the statement.

Caixin learned that investors received their payments from Qinghai Provincial Investment by 10:00 a.m. Tuesday.

The Qinghai company’s late payment is the latest “technical default” by a state enterprise amid a wave of defaults of corporate bonds that have fueled worries about Chinese companies' financial standings.

Qinghai Provincial Investment missed an interest payment Friday on $300 million of offshore U.S. dollar-denominated bonds, the first such default in more than 20 years.

Related: China Logs First Dollar-Bond Default by Major State Firm in Two Decades

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

Share this article
Open WeChat and scan the QR code