Shandong Ruyi Technology Group Co Ltd 1Q19 Credit Report

19 June 2019

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Shandong Ruyi Technology Group, a Shandong-based textile manufacturer and global fashion brands owner, showed in its latest results that 1Q19 revenue and EBITDA improved largely as the result of its 51.8%-owned French luxury fashion brand manager and retailer SMCP. However, a series of debt-funded acquisition - including SMCP in 2016 - combined with the poor performance from its legacy textile business has left Ruyi with high leverage and weak liquidity ahead of the December maturity of USD 345m bonds.