Letsnewz.

Letsnewz.

Chung Ding's Bad Debt Crisis Hits Stock Market, Four Consecutive Days of Trading Halts Trigger Panic Selling

Chung Ding's Bad Debt Crisis Hits Stock Market, Four Consecutive Days of Trading Halts Trigger Panic Selling

Today (22nd), the Taiwan stock market opened lower, closing at 19,011.47 points, down 94.73 points, a decrease of 0.5%. The general contractor Chung Ding (9933) is expected to recognize bad debts of 19.606 billion TWD due to issues with its investment in a U.S. subsidiary. Investor panic led to further selling pressure, resulting in Chung Ding hitting the trading halt for the fourth consecutive day, with over 35,000 shares lined up for sale, prompting investors to lament: 'We really can't get out of this!'

Chung Ding recently announced critical information, indicating that its subsidiary CTCIA (CTCI Americas, Inc.) is facing a restructuring application from the project owner GCEH (Global Clean Energy Holdings, Inc.) in the BKRF project. Due to performance disputes, BKRF failed to pay Chung Ding on time, and the amount has now reached 19.604 billion TWD to be covered by GCEH. The stock exchange also imposed a fine of 200,000 TWD on Chung Ding for failing to promptly disclose significant information.