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
Humanoid Robot Maker Unitree Advances Toward $618 Million Shanghai IPO
In Depth: Huawei’s Bid to Rewrite the Rules of Chip Scaling
Chinese Chipmaker YMTC Claims 13% of $46 Billion Global NAND Market
LATEST
DJI, Insta360 Lock Horns in Camera Pricing Standoff
Tencent Gains $53 Billion in Value on Reports of WeChat AI Agents
Chinese Chipmaker YMTC Claims 13% of $46 Billion Global NAND Market
China’s Robotics Funding Frenzy Picks Up
China Arms Itself With New Legal Tools to Scruntinize Overseas Investment
Zhipu Seeks $2.2 Billion Shanghai Listing to Fuel AI Expansion
In Depth: Huawei’s Bid to Rewrite the Rules of Chip Scaling
Humanoid Robot Maker Unitree Advances Toward $618 Million Shanghai IPO
MiniMax Eyes Shanghai Listing as China AI Firms Chase Capital
China AI Developer Zhipu Hits Record $112 Billion Valuation
Luxshare Gets Lenient Antitrust Fine Over Wingtech Deal
Flying-Car Startup Volant Raises $147 Million Ahead of Potential IPO
ChangXin Clears Key Hurdle for Record STAR Market IPO
Xiaomi Slashes AI Model API Prices by 99% to Match DeepSeek
Huawei Targets 1.4-Nanometer Chip Performance by 2031 With New Design Architecture
DeepSeek Cuts Flagship AI Model Prices by 75% as Funding Round Looms
Wingtech Sues Nexperia in China, Seeking $1.2 Billion and Control of Equity
DJI Says Mass Adoption of Delivery Drones, Flying Vehicles Still on the Distant Horizon
Nvidia Still Not Sure It Can Sell H200 Chips in China
Alibaba Expands AI Push With Model Update, New Chip
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