By SHANGHAI, Nov 16 Reuters Chinese banks and fund managers dumped their holdings of riskier bonds last week after a series of credit shocks involving stateowned enterprises SOEs jolted Chinas corporate bond market.
Below is a list of SOEs whose debt problems in recent weeks have raised concerns among investors.
Defaults have been mainly concentrated in traditional industries, including coal and automobiles.
YONGCHENG COAL ELECTRICITY HOLDING GROUP
Yongcheng Coal Electricity Holding Group Company Limited said in a statement that it failed to make principal and interest payments on 1 billion yuan 152 million in maturing commercial paper, just weeks after raising 1 billion yuan through a debt issue.
Yongcheng is a wholly stateowned company mainly engaged in the investment and management of coal, electricity, railway, chemical and mining.
The company is a unit of Henan Energy and Chemical Industry Group Company Limited, and is ultimately controlled by the Henan provincial StateOwned Assets Supervision and Administration Commission.
HUACHEN AUTOMOTIVE GROUP
Huachen Automotive Group, a key stateowned enterprise owned by the government of Liaoning province, defaulted on a 1billionyuan bond last month, citing financial strain.
The company is the parent of Brilliance Automotive Holdings , the Chinese joint venture partner of BMW. Huachen said on Monday that creditors had applied to a Chinese court to restructure the company.
Huachen has a total of 47,000 employees and…
