Displaying items by tag: China Tianrui Group Cement

China: Shares of China Tianrui Group Cement plummeted by 99% in just 15 minutes before Hong Kong’s stock market closed on 9 April 2024, according to Reuters. This led to a decrease in the market value of the company, to US$17m from US$1.86bn. The cause of the sudden drop remains unknown and trading in Tianrui shares is suspended pending an announcement on ‘inside information’.

In the 2023 financial year, the company recorded a net loss of US$45.8m, compared to its US$62m net profit in 2022. This downturn is partly attributed to the struggles in China's property sector.

China: China Tianrui Group Cement's sales were US$1.09bn in 2023, down by 32% year-on-year from US$1.60bn. Reuters has reported that the company recorded a full-year loss of US$87.6m, where previously it recorded a profit of US$62m in 2022.

China: China Tianrui Group Cement has signed a new loan facility agreement. Reuters has reported the value of the loan as US$23.1m.

China: China Tianrui Group Cement settled a term loan facility on 9 January 2023. Reuters has reported the value of the facility as US$30m.

China: Tianrui Group Zhengzhou has repaid its previously outstanding loan facility. Reuters News has reported that parent company China Tianrui Group says the company has withdrawn a new US$15.5m loan.

China: China Tianrui Group Cement says that it has secured a loan worth US$14.4m. Reuters has reported that a Chinese bank granted the loan, which will support capital expenditure projects in the current fiscal year.

China: China Tianrui Group Cement has secured a new agreement with Ruiping Shilong for the supply of its clinker. The company announced that under the new arrangement, valid until 31 December 2021, it will buy clinker at a rate possibly exceeding the US$74m/yr cap stipulated in the 1 April 2019 agreement which covered the same period.

China: Chong Cha Hwa has resigned as a non-executive director from China Shanshui Cement due to physical trauma suffered during the ‘illegal’ occupation of the Jinan properties of its Shandong Shanshui in early April 2017. Chong said that the occupation had impeded him from carrying out his duties.

China: China Tianrui Group Cement says that Yang Yongzheng, a non-executive director, and Yu Chun Liang, a joint company secretary, have been detained by the police in Jinan. The police are holding the pair on alleged violations of criminal law in relation to ‘other duties which are outside the business of the company’ that took place on 8 April 2017. The company added that the pair have not been held as guilty or tried at a court of law.

China Tianrui Group Cement says that the incident was not connected to the company or its subsidies and that the it is not related to the performance of either person. It added that the ‘incident’ was unlikely to effect the business and operations of the group.

In early April 2017 the Jinan properties of its Shandong Shanshui, a subsidiary of China Tianrui Group Cement, was occupied by a former manager of the company and his associates. In the resulting debacle, representatives of Shanshui Cement were held against their will for over two hours by a hostile crowd until local police helped them to escape.

China: The Vice minister of Industry and Information Technology, Xin Guobin, recently led a delegation to investigate excessive cement capacity in north-east China. Xin urged local governments, industry associations and key enterprises to work together, further reduce excessive capacity and try to reverse losses in the cement industry in the region.

Companies including Yatai Cement, Liaoning Daying Cement Group, Inner Mongolia Mengxi Cement Co., Ltd, Sunnsy Cement and China Tianrui Group Cement Company Ltd have all set up cement clinker production lines in north-east China.