www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Technology

Tech company may default on bond principal

By ZHENG YANGPENG (China Daily) Updated: 2015-04-07 07:07

A former high-end restaurant company that switched its focus to the technology sector could become the first Chinese company to fail to repay principal on the public bond market.

Cloud Live Technology Group Co formerly known as XE Flavor Group Co, has said it is unable to raise the 240.6 million yuan ($39 million) needed to make note and interest payments due on Tuesday.

If a solution cannot be found before the deadline, it will become the first company to fail to repay principal to local bond investors.

Shanghai Chaori Solar Energy Science & Technology Co became the first Chinese company to default on interest payments in March last year.

XE Flavor, which served spicy food such as steamed fish head with diced hot peppers, had expanded rapidly up to 2013, opening chains nationwide.

But its fortunes changed when the Chinese authorities curbs on luxury spending hit the high-end catering industry, with the company's revenue and profit plunging.

In March last year, the company's chairman, Meng Kai, entered the entertainment business by acquiring a movie and TV company.

In July last year, Meng switched to Internet services and cloud technology, changing the company name. But in December, to repay the 480 million yuan principal on the bonds it issued in 2012, it had to sell all its XE Flavor trademarks for 230 million yuan. The price was cut by the buyer to 100 million yuan three months later.

In December, regulators said they were investigating whether Meng had violated securities laws. He resigned in early January, the company said. Meng had moved abroad in early October.

Cloud Live first raised major doubts over the deadline in February. Since then, many analysts have warned that a default is likely.

A statement issued by the company last week said it had raised 161.4 million yuan, or less than one-third of the debt. "To all bond holders, we extend our most sincere apologies," it said.

Analysts said a potential default risk had been revealed much earlier than last week's statement, so any negative sentiment has been absorbed over time.

The government is much more willing to tolerate individual default cases while remaining vigilant toward cases that would trigger "systematic or regional risk".

Premier Li Keqiang said in March that the government would prevent any systematic fallout while tolerating individual cases of financial risk.

Last week, Sunry Group, a construction company in Erdos, Inner Mongolia autonomous region, said it might fail to honor its redemption obligation on a bond due on April 18.

This was because its guarantor, Erdos Dongsheng City Construction Development Investment Group, had refused to meet its obligations, Caixin news magazine reported.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 日本免费毛片在线高清看 | 亚州视频一区二区 | 久久成年人 | 免费a级黄毛片 | 午夜免费片在线观看不卡 | avtom影院入口永久在线观看 | 欧美yyy | 亚洲成a人片在线网站 | 久久久久18| www女人| 三级网址在线观看 | 亚洲国产成a人v在线 | 午夜影院美女 | 欧美一级特黄一片免费 | 91精品国产综合久久欧美 | 欧美一级片a | 久久精品一区二区三区四区 | 91网站国产| 久久综合狠狠综合久久97色 | 草草影院ccyycom浮力影院 | 91精品免费久久久久久久久 | 亚洲热视频 | 有码在线| 日本高清va不卡视频在线观看 | 欧美日韩高清不卡一区二区三区 | 国产精品久久久久免费a∨ 国产精品久久久久免费视频 | 一个人看的免费观看日本视频www | 91精品久久 | 思思久热re6这里有精品 | 91福利国产在线观一区二区 | 亚洲欧美日韩国产一区二区精品 | 欧美成人视屏 | 视频偷拍一级视频在线观看 | 在线视频第一页 | 久色tv| 在线精品视频免费观看 | 九九在线精品视频xxx | 国产成人a毛片 | 一级欧美| 欧美日韩一区二区三在线 | 国产一级做a爰片久久毛片男 |