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Shanghai Chaori shares fall daily limit
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Shanghai Chaori, the first Chinese firm to default on its onshore corporate bonds, fell by its daily limit after its shares resumed trading and a creditor sought bankruptcy restructuring for the troubled solar-cell maker.
Shenzhen-listed Shanghai Chaori Solar Energy Science & Technology Co tumbled 5 percent to 2.46 yuan (40 US cents) today. The shares had been suspended from trading since February 19.
The Shanghai-based company paid less than 5 percent of an 89.8 million yuan coupon payment due on March 7. It was the first default on corporate bonds on China’s mainland, highlighting the risks in the country’s debt capital markets.
Shanghai Yihua Metal Materials Ltd had submitted a bankruptcy-restructuring petition to Shanghai No. 1 Intermediate People’s Court, Chaori said last week.
Chinese solar panel makers have suffered from overcapacity and falling product prices after rapid expansion over the past years. Chaori had reported two consecutive years of net losses.
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