Overseas Chinese debt case
Some time ago, the overseas Chinese's debt-borrowing incident was a landmark event in China's financial history. The incident involved traditional banks, financial enterprises, exchanges, insurance companies and internet finance, and the regulatory authorities eventually fined more than 2 billion yuan. In 20 14, the creditor's rights issued by Qiaoxing in Guangdong expired, and Guangdong Bank refused to renew the loan. If Qiaoxing does not raise funds at this time, it is very likely that the loans in Guangdong will become bad debts. Therefore, in order to transfer debts, Qiaoxing turned the crisis to Zheshang Property Insurance. In the end, this farce involved more than 20 companies and was fined more than 2 billion.
Qiaoxing group background
Qiaoxing Group, a subsidiary of Qiaoxing Global, was listed on NASDAQ on 1999. China is the first private enterprise listed in China, which is of epic significance. In 2007, the mobile phone company under Qiaoxing Group was the first mobile phone company listed on NYSE. Later, due to financial management loopholes and untrue financial reports, all 20 12 shares were delisted, especially after the stock delisted. Coupled with the subsequent overseas Chinese debt incident, it can be said that it is going downhill.
It is easy to start a business, but difficult to maintain.
In this way, the situation of Qiaoxing Group is getting more and more difficult, and it loses more than 2 billion yuan every year. Other companies under the company also suffered losses. So far, Qiaoxing Group's liabilities have reached billions. This series of events made Qiaoxing Group step into the abyss of bankruptcy.