Kangde Xin Composite Material Group Credit Report

14 March 2019

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Kangde Xin Composite Material Group (KDX) became the first Chinese company to default on bonds in 2019 when it surprisingly failed to redeem CNY 1bn (USD 147m) domestic notes due 15 January and then another CNY 500m domestic notes a week later. That triggered cross defaults provisions on the Zhang-jiagang, Suzhou, Jinagsu-based optical- and pre-coated-laminating-film maker’s CNY 6.32bn other debt, including USD 300m due-2020 international notes.