China Zhongwang Holdings Limited (China Zhongwang), the second largest aluminum manufacturer in the world, has declared bankruptcy. In less than 30 years, this $100 billion enterprise, that was raised from scratch, has fallen.
On Sept. 20, China Zhongwang, a listed company, started bankruptcy reorganization proceedings. The company announced that day, on the Hong Kong Stock Exchange (HKSE) to protect the rights of creditors, that the Shenyang Intermediate Court of Liaoning Province of China had ordered the company and its subsidiaries to consolidate and reorganize.
