Guangxi Non-ferrous Metals Group Co., Ltd. was a state-owned enterprise of China, based in Nanning, Guangxi Zhuang Autonomous Region. It was managed by the State-owned Assets Supervision and Administration Commission (SASAC) of the Government of Guangxi.[1]
| Company type | state-owned enterprise |
|---|---|
| Founded | 2008 |
| Defunct | 2016 |
| Headquarters | Nanning, Guangxi , China |
| Revenue |  CN¥21.136 billion (2014) |
| CN¥1.719 billion (2014) | |
| (CN¥1.653 billion) (2014) | |
| Total assets | CN¥30.018 billion (2014) |
| Total equity | (CN¥158.539 million) (2014) |
| Owner | Guangxi Government |
| Parent | SASAC of Guangxi Government |
| Website | gxysjs.com |
| Footnotes / references in a consolidated basis[1] | |
| Guangxi Non-ferrous Metals Group Co., Ltd. | |||||||
|---|---|---|---|---|---|---|---|
| Simplified Chinese | 广西有色金属集团有限公司 | ||||||
| Traditional Chinese | 廣西有色金屬集團有限公司 | ||||||
| |||||||
On 20 September 2016, Guangxi defaulted on CN¥14.51 billion of debt.[2] The company was the first bankrupted interbank bond issuer, according to Hong Kong–based newspaper South China Morning Post[3] and Caixin. This and other bankruptcies in the metals sector are widely considered the reason for the Chinese government's push toward reducing production overcapacities in an effort to restructure the economy.[4]
References
edit- ^ a b "2014 Annual Report" (in Chinese (China)). Guangxi Non-ferrous Metals Group. 30 April 2015. Archived from the original on 14 February 2019. Retrieved 29 September 2016 – via Shanghai Clearing House.
- ^ "Guangxi Nonferrous Metals Gets Court OK to Liquidate". Caixin Global. 20 September 2016. Retrieved 9 February 2017.
- ^ "Guangxi Nonferrous Metals is China's first interbank bankruptcy". South China Morning Post. Alibaba Group. 20 September 2016. Retrieved 29 September 2016.
- ^ "Guangxi Nonferrous' Creditors Veto Insolvency Plan". Caixin Global. 2 November 2016. Retrieved 9 February 2017.
External links
edit- Official website (offline)