China’s bond defaults

Between October and December 2020, three companies were involved in high-profile, unexpected bond defaults in mainland China: Yongcheng Coal and Electricity, a state-owned energy company that defaulted on a CNY1-billion (USD152.7 million) bond; Tsinghua Unigroup, a computer chip maker majority-owned by Tsinghua University, which defaulted on a CNY1.3-billion bond and a USD450-million bond after failing to roll over its debt; and the owner of Brilliance Auto, state-owned Huachen Automotive Group, which failed to pay a CNY1-billion bond and later entered bankruptcy restructuring. The recent high-profile defaults by the … (full story)

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