Hainan Gaoshen Rubber went into bankruptcy
Recently, Hainan Gaoshen Rubber Industry Development Co.,Ltd. has went into bankruptcy, due to over 4620 million yuan of debt borrowed from banks.
Founded in July 20018, Hainan Gaoshen Rubber worked on rubber process、purchase and sale. Gaoshen Group, a share-controlled company of Hainan Gaoshen Rubber, has been listed in China's New OTC Market.
In 2011 and 2014, Gaoshen Group ranked in top 1 and 5 in the list of Top 100 Yunnan Private Companies.
According to the court decision, Hainan Gaoshen Rubber couldn't pay back over 4620 million yuan of loan from banks. And its land and property were evaluated at 55.9 million yuan.
It is said that Gaoshen Group has ever stocked lots of rubber. With rubber price falling from 2011's 43500 yuan/ton to less than 10000 yuan/ton in 2016, the company suffered a huge loss and went into bankruptcy at last.
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