ST Tongde disclosed an update on its overdue debts. As of July 30, 2026, the company and its subsidiaries had overdue principal on debts with financial institutions amounting to 703 million yuan, with overdue unpaid interest of 29.5425 million yuan, for a total of 733 million yuan. The overdue principal accounts for 77.41 percent of the company's audited net assets at the end of 2025. Since the first disclosure of 30.82 million yuan in April 2025, the scale of overdue debts has grown more than 21 times in 15 months. The company posted a massive loss of 1.093 billion yuan in 2025, mainly due to setbacks in the PBAT new materials project led by the actual controller, with impairment losses on construction in progress alone reaching 915 million yuan. As of the end of March 2026, the company had only 76.5049 million yuan in cash on hand, a debt-to-asset ratio of 73.73 percent, and a current ratio of 0.32, indicating immense short-term debt repayment pressure.
Shanxi Tond Chemical Co LtdCompany discloses massive overdue debts and cash shortage, indicating severe financial distress.