Baoding Tianwei trading suspended following losses
China: Baoding Tianwei Baobian Electric Co.’s bonds and stock were suspended from trading following the reported losses for the second year running.
The company reported a net loss of 5.23 billion yuan ($ 852 million) in 2013 versus a 1.55 billion yuan ($ 252 million) deficit a year ago, according to a statement to the Shanghai stock exchange. The exchange will decide in seven trading days whether to continue the trading halt on the company’s bonds until its losses are reversed, reports Bloomberg.
The yield on it’s 1.6 billion yuan ($ 260 million) of 5.75 % bonds due 2018 has soared 537 basis points over the past year to 11.13 % and its stock has fallen 37 %. Tianwei Baobian Electric’s rating has been lowered to AA from AA+ last April, according to the company statement.