China Yurun Food Group said that a default by a unit on short-term notes worth 500 million yuan ($77 million) has in turn triggered other provisions that require the immediate repayment of debt worth 1.45 billion yuan, Reuters reported on Tuesday [22 March 2016]. The unit, Nanjing Yurun Food Co, has arranged partial repayment of the short-term notes but the meat-processing company’s board of directors believes the likelihood of an immediate repayment for the other debt is not high, it said in a statement late on Monday. It said that it is in talks with banks on the matter…Full Article: The Global Times Mar 2016
- On 18 March 2016, shares of China Yurun Food (HKG:1068) were suspended on the Hong Kong Stock Exchange.
- On 17 March 2016, China Yurun Food defaulted on CNY 500 million (US$76.7 million) short-term financing payment.
- Shares of China Yurun Food began trading again in Hong Kong on 22 March 2016.
- Founded in 1993 and headquartered in Nanjing, Jiangsu Province, China Yurun Food is a major producer of pork and poultry related products and are marketed under its four major brands of “Yurun,” “Wangrun,” “Furun” and “Popular Meat Packing”.