56:. A total of 10 billion RMB in loans had been advanced to the company and other local companies with the borrowers guaranteeing the debt of the others. In April 2017 the company defaulted on a repayment of seven billion RMB triggering fears of reverberations in the local financial system. However, the repayment was made a few days after the default, restoring calm in the market. As part of a local government orchestrated restructuring plan, the Xiwang Group took over the company and guaranteed its debts in April 2017.
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is a private
Chinese business group whose subsidiaries are engaged in the smelting of aluminum. At one point the company owned an array of other businesses including property development, power cables and ceramics and a five-star hotel before shedding businesses as part of a restructuring plan from
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The company's rapid growth has depended on generous availability of corporate debt. Through heavy borrowing the company was able to expand its aluminum production operations and enter other lines of business. By 2012, Qixing would reach its apex. The group company was then made up of 15 operating
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From its peak, the company would have to sell assets to repay debt as its financial situation deteriorated. The company's interest in Qixing Iron Tower (later renamed
Northcom Group) was sold to the Longyue Group in December 2014.
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listed subsidiary, that manufactured transmission towers. Years later Zeng Libin, the president of the China
Aluminum Association, would say "Qixing expanded blindly" during this period of easy credit and expansion.
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The company's core business it the production of aluminum. It operates a 130,000 metric tons per year aluminum smelter and 500,000 metric tons per year alumina refinery.
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The Qixing Group was at the center of a local financial crisis in
Shandong in 2017 based on a web of cross guarantees between the company and other local companies in
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companies and seven subsidiaries with revenue 15 billion RMB ($ 2.3 billion) and had 12,000 employees. These businesses included
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heavy debt accumulated during its rapid expansion. It is one of the main industrial groups in
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109:"Debt distress in Shandong province illustrates risks of interlocked credit guarantees"
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Chinese business group whose subsidiaries are engaged in aluminium smelting
123:"Shandong raises US$ 300 million to fund acquisition of Stonewall Mining"
183:"Massive Debt Forces Chinese Firm to Idle Smelter, Refinery in Shandong"
137:"Debt Crisis Shakes Chinese Town, Pointing to Wider Problems"
155:"Qixing Iron Tower South Africa litigation "dust settled""
86:"The county at the centre of a Chinese debt crisis"
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157:. 21st Century Economic Report. July 26, 2017.
27:, one of the richest counties in the country.
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111:. South China Morning Post. April 9, 2017.
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125:. Stonewall Resources. June 18, 2013.
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185:. Aluminum Insider. March 22, 2017.
169:"Qixing group deferred debt crisis"
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171:. Securities Times. April 8, 2017.
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20:Shandong Qixing Group Co., Ltd.
84:Tang, Frank (April 23, 2017).
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203:Aluminium companies of China
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88:. South China Morning Post.
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208:Companies based in Binzhou
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42:Shenzhen Stock Exchange
143:. April 25, 2017.
60:Aluminum smelting
38:Qixing Iron Tower
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31:History
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