HONG KONG -- Acquisitive Chinese fashion group Shandong Ruyi Technology Group on Monday missed the repayment deadline for a 1 billion yuan ($152.9 million) domestic bond.
Bank of Communications, the main underwriter of the bond, said on Monday evening that Ruyi had failed to prepare enough funds on time. The state-owned bank vowed to "supervise and urge" the company to come up with the cash needed to fully pay back investors in the three-year 7.5% bond along with 75 million yuan in interest.
