Guangxi Non-ferrous Metals

Guangxi Non-ferrous Metals
state-owned enterprise
Founded 2008
Defunct 2016
Headquarters Nanning, Guangxi, China
Revenue Decrease CN¥21.136 billion (2014)
Decrease CN¥1.719 billion (2014)
Decrease (CN¥1.653 billion) (2014)
Total assets Decrease CN¥30.018 billion (2014)
Total equity Decrease (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

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]

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

  1. 1 2 "2014 Annual Report". Guangxi Non-ferrous Metals Group (in Chinese). Shanghai Clearing House. 30 April 2015. Retrieved 29 September 2016.
  2. ↑ "Guangxi Nonferrous Metals Gets Court OK to Liquidate". Caixin. 20 September 2016. Retrieved 9 February 2017.
  3. ↑ "Guangxi Nonferrous Metals is China's first interbank bankruptcy". South China Morning Post. Alibaba Group. 20 September 2016. Retrieved 29 September 2016.
  4. ↑ "Guangxi Nonferrous' Creditors Veto Insolvency Plan". Caixin. 2 November 2016. Retrieved 9 February 2017.
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