Bank of China, Ping An Bank, HSBC Bank, and China CITIC Bank International are among 23 banks on the hook for potentially significant losses as Hong Kong-listed Huishan Dairy Holdings Co. is likely to default on its loans after the company's share price dropped as much as 90% yesterday.
Over 70 of Huishan Dairy's financial debt holders, including 23 banks, a dozen financial leasing companies and P2P (peer-to-peer) lending platforms, as well as one asset management firm, have as much as RMB13 billion (US$1.89 billion) total debt outstanding to the company.
Huishan Dairy told debt holders a few days ago that the company would be unable to pay for interests coming due soon, and there is a high probability for the company to default on its debt at the end of March, according to Chinese media reports.
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