China’s Top Wise announces case investigation, multiple lawsuits

By Sarah Lizee

Olympia, Wash., Dec. 2 – Top Wise Excellence Enterprise Co., Ltd. provided updates relating to its debt default and litigation matters.

The company has $300 million of 6% guaranteed senior notes due 2020 outstanding, guaranteed by Kangde Xin Composite Material Group Co., Ltd.

Kangde defaulted on domestic commercial paper issued in 2018 that was due Jan. 15, 2019.

The China Securities Regulatory Commission has filed a case investigation into the company, citing information disclosure violations. The company said it is currently actively conducting relevant investigations, and its stock will continue to be suspended.

The company also announced multiple lawsuits that are “currently in the implementation phase.”

“The cases have uncertain effects on its current or post-period profits,” Kangde Xin said in an announcement.

The company is a polymer material company with operations in China.

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