China Huishan Dairy has defaulted on a $200m loan and had assets frozen in China in relation to another $79m debt, in a sign of the troubled dairy operator’s worsening problems.
The group’s Hong Kong-listed shares have been suspended since they plunged 90 per cent with no warning late last month, shortly after which Huishan confirmed it was late on loan payments, that its treasurer had gone missing and that its chairman and controlling shareholder, Yang Kai, had pledged 71 per cent of the company’s shares as collateral for loans.
It is likely that the dumping of shares by one of those lenders was key to the March 24 share price plunge, which wiped $3.9bn off the company’s market capitalisation.
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