Feb 21, 2024 08:58 PM

CHINA

Chinese Education Giant Urged to Repay Bondholders Early as Default Fears Mount

By Huang Huizhao and Wang Xintong

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Wang Huiwu (middle), president of XJ International, attends a press conference in Hong Kong on July 23, 2018. Photo: VCG

Wang Huiwu (middle), president of XJ International, attends a press conference in Hong Kong on July 23, 2018. Photo: VCG

Some global investors are urging Chinese private education giant XJ International Holdings Co. Ltd. to redeem half of its $350 million in bonds before maturity, as the creditors fear the Hong Kong-listed firm may intentionally default on repayments.

The bonds are due in 2026, but the creditors asked for the early redemption to be completed by March 2 in a letter sent to the Chinese company last month by their legal adviser, Chicago-headquartered global law firm Kirkland & Ellis LLP.

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