Guangxi Non-ferrous Metals

Guangxi Non-ferrous Metals
Company typestate-owned enterprise
Founded2008
Defunct2016
Headquarters
Nanning, Guangxi
,
China
RevenueDecrease CN¥21.136 billion (2014)
Decrease CN¥1.719 billion (2014)
Decrease (CN¥1.653 billion) (2014)
Total assetsDecrease CN¥30.018 billion (2014)
Total equityDecrease (CN¥158.539 million) (2014)
OwnerGuangxi Government
ParentSASAC of Guangxi Government
Websitegxysjs.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
Transcriptions
Standard Mandarin
Hanyu PinyinGuǎngxī yǒusè jīnshǔ jítuán yǒuxiàn gōngsī

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. ^ 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.
  2. ^ "Guangxi Nonferrous Metals Gets Court OK to Liquidate". Caixin Global. 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 Global. 2 November 2016. Retrieved 9 February 2017.