China Zhongwang Holdings Limited is known as the “King of Aluminum in Asia.” On October 15th, China Zhongwang suddenly announced its subsidiaries “had suffered significant losses and operational difficulties. Despite efforts from various parties, they are unable to solve the current problems on their own.” The two subsidiaries mentioned are the primary companies of the corporate enterprise.
The debt crisis of Chinese companies is spreading, which can bring about a serious money crisis in China. For example, China’s big enterprise conglomerate, Baoneng Group, has experienced increasing strain on its capital chain. Currently, it has defaulted on at least nine items of trusts, involving a total of about $3.1 billion US dollars. Moreover, it has seen a rising hazard factor for its subsidiaries, with frequent news about equity pledges, property freezes, and legal proceedings.
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