18 August 2019

First bond default sign of ‘market progress’, Xinhua says

China’s first onshore corporate bond default dispels the “rigid honoring” delusion of many investors, Xinhua reported Monday, citing Shenzhen Stock Exchange chairman Chen Dongzheng. Chen said all financial products had their risks and the default signalled market progress, the report said. Shenzhen-listed solar company Shanghai Chaori Solar Energy Science & Technology Co. said last week that could not fully meet an 89.8 million yuan (US$14.7 million) interest payment, widely described as China’s first corporate bond default.

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