Ping An, Bank Of China On Hook For $1.9B Loss As Huishan Dairy Inches Closer To Default

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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