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China's ICBC has $290 million exposure to Huishan Dairy
March 30, 2017 / 1:21 PM / 9 months ago

China's ICBC has $290 million exposure to Huishan Dairy

BEIJING, March 30 (Reuters) - Industrial and Commercial Bank of China , the world’s largest lender, said on Thursday it had 2 billion yuan ($290 million) of exposure to Huishan Dairy, whose shares crashed last week over financing worries.

ICBC’s Chief Risk Officer, Wang Bairong, made the comments at a briefing after the company released full-year results. He did not elaborate.

Huishan, which saw $4 billion wiped off its shares in a single day last week, said earlier this week that it had missed loan repayments and lost contact with a key executive in charge of its finances and cash.

Huishan grabbed headlines last year when it sold and leased back part of its herd, but its most recent troubles have laid bare risks of excess leverage and financial engineering in unexpected quarters of corporate China.

Earlier this week, Agricultural Bank of China said it had 110 million yuan and HK$150 million in outstanding loans to Huishan Dairy. ($1 = 6.8880 Chinese yuan renminbi) (Reporting by Shu Zhang in Beijing; Writing by Clara Ferreira-Marques in Singapore, editing by David Evans)

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