Former type state-owned enterprise Revenue 21.14 billion CNY (2014) Total assets 30.02 billion CNY (2014) | Defunct 2016 Founded 2008 | |
Headquarters Nanning, Guangxi, China Operating income Profit (CN¥1.653 billion) (2014) Total equity (CN¥158.539 million) (2014) Subsidiaries Guangxi Golden Tiger Mining Joint Venture Limited | ||
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.
On 20 September 2016, Guangxi defaulted on CN¥14.51 billion of debt. The company was the fist bankrupted interbank bond issuer, according to Hong Kong-based newspaper South China Morning Post and Caixin. This and other bankruptcies in the metals sector are widely considered the reason of the Chinese government's push toward reducing production overcapacities in an effort to restructure the economy.
References
Guangxi Non-ferrous Metals Wikipedia(Text) CC BY-SA