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Cloud Live is first Chinese company to default on bond principal

Published Tue, Apr 7, 2015 · 09:50 PM
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Shanghai

A CHINESE technology firm said Tuesday it cannot meet a 241 million yuan (S$53 million) debt repayment, making it the first company to default on corporate bond principal in modern China.

Cloud Live Tech Group said in a statement to the Shenzhen stock exchange it was unable to pay principal and interest on a five-year, 480 million yuan bond issue sold in 2012. Investors had an option to be repaid their principal after three years.

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