bankruptcy Archives

Chinese-Based Firms Confirm Minimal Exposure to Silicon Valley Bank

The recent shutdown of Silicon Valley Bank (SVB) by regulators marks the largest bank failure in the United States since 2008. Several Chinese Hong Kong-listed companies have sought to reassure investors by stating that their cash deposits in SVB were not significant.

Chinese Home Appliance Retailer Gome Refutes Rumored Bankruptcy Liquidation

In response to bankruptcy rumors circulating in the market recently, Gome, a Chinese home appliance enterprise, issued a statement on the evening of December 1 saying that the company and other subsidiaries of Gome Holding Group had not received any legal documents or inquiries related to bankruptcy.

Automobile Brand Beijing Borgward Declares Bankruptcy, 8-Year Operation in China Ends

Beijing Borgward, once billed as a rival to BMW, Mercedes-Benz and Audi, officially declared bankruptcy on November 29. The announcement explained that it was drained to pay off its debts but its current assets are not enough to settle the balances.

Debt-Ridden Chinese E-Commerce Firm Suning.com Denies Bankruptcy

Suning.com and its logistics subsidiary became involved in a bankruptcy review case on November 21, triggering rumors about the e-commerce platform that has been struggling with a persistent debt crisis. This report was later officially denied by the company.

GAC Group and Stellantis JV Bankruptcy Triggers Dealers’ Rights Protection Campaign

The bankruptcy of GAC-FCA, a joint venture established by Netherlands-based automaker Stellantis and China's GAC Group, in late October triggered a dealers' rights protection campaign.

Faraday Future Employees Decry Bankruptcy Efforts by “Malicious Board Members”

Employee whistleblowers at California-based electric vehicle maker Faraday Future have claimed that four "unqualified" directors are plotting to force the company into bankruptcy, according to a petition Pandaily received from a firm shareholder.

Bankruptcy-Haunted Missfresh Empties Products and User Balance in App

All product information on the app of Missfresh, a Nasdaq-listed Chinese retailer, has been emptied out by the firm, and many user balances now display '0'.

Luxury E-commerce Platform Secoo’s Shanghai Subsidiary Given Notice of Bankruptcy Filing

On August 25, Shanghai Secoo E-Commerce Co., Ltd., an affiliated company of luxury e-commerce platform Secoo, added a bankruptcy review case.

Orange Electric Travel, A Didi and Li Auto Joint Venture, Files for Bankruptcy

On August 11, Orange Electric Travel, a Didi and Li Auto joint venture, added a new bankruptcy review case.

Didi’s Car-Sharing Arm Reportedly Goes Bankrupt

On the evening of July 25, a screenshot related to Didi's ongoing bankruptcy audit was leaked by an accounting firm employee. On Chinese social media platform Weibo, a user suspected of being a Didi employee confirmed that the firm's car-sharing business is going into liquidation.

Chinese E-Commerce Platform Suning.com Denies Bankruptcy Liquidation

Suning.com, a Chinese retail e-commerce platform, issued a statement on Wednesday saying that reports of "Suning's bankruptcy liquidation" were a rumor. The company is operating normally at present.

Fallen Bike-Sharing Platform Ofo’s New Deposit Refund Measures Questioned by Chinese Netizens

Ofo, a bankrupt bike-sharing platform, has recently faced criticism on Chinese social media for its deposit refund routines. The function was later deleted by the firm.

Wall Street English to Announce Bankruptcy Next Week Following Repeated Closure of Offline Stores

The head of the North China division of Wall Street English, an Italian international adult English training company, has informed its staff about the upcoming bankruptcy of its China business, which will be finalized next week, CBN reported on Thursday.