China’s leading optical film supplier Kangde Xin Composite Material Group Co. shocked the market earlier this year after it failed to repay several onshore bonds due to liquidity crunch although it had up to 15 billion yuan cash sitting on the balance sheet by the end of September 2018.
The debt drama was brought in the spotlight again after Chinese police in China's eastern city Zhangjiagang, the city where the company is based, said over the weekend that it had taken “criminal compulsory measures” against a major shareholder of the company.
Zhong Yu, the 69-year-old former . . .
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