Shandong Chenming Paper Holdings (HKG:1812, SHE:000488, SHE:200488) accumulated overdue debt, including interest, of 1.82 billion yuan, as of Monday, according to a Hong Kong Stock Exchange filing on Tuesday.
The debt included 423.7 million yuan in loans for the company's working capital and projects, and equipment and supply chain financing, 477.8 million yuan for equipment and supply chain financing and factoring and 918.9 million yuan for commercial bills payable.
The Chinese paper manufacturer' have had 65 bank accounts frozen, accounting for 8.47% of the total number of bank accounts of the group, the filing said.
The company's Hong Kong shares dipped less than 25%, while its A and B shares dropped around 10%.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.