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China Hongqiao

Hongqiao became the world's largest aluminium producer in 2015, overtaking Rusal. Its designed annual production capacity was 6.5 mn tonnes at 31 December 2017. Hongqiao is based in Shandong province in eastern China. The group's main production facilities are in Zouping County, Shandong. Hongqiao also has 5 other production bases in the province. Molten aluminium alloy accounted for 75% of 1H18 revenues. The delivery distance for this is limited to about 30km in order to prevent the alloy from cooling and solidifying. Hongqiao also makes aluminium alloy ingots, aluminium alloy processed products and sells steam to third parties. Deloitte Touche Tohmatsu resigned as Hongqiao's auditor with effect from June 2015 as it failed to agree on an audit fee. Ernst & Young was then appointed as Hongqiao's new auditor but resigned in April 2017 after Hongqiao rejected its recommendation for an independent investigation into its audit findings. Baker Tilley Hong Kong was then appointed as auditor but was replaced in July 2017 by ShineWing HK, who remains Hongqiao's auditor. (03 Oct 2018)

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China Hongqiao: Offshore Refinancing

Worth Watching: 11 Apr 2018, 3:11 AM ET - China Hongqiao  (Hongqiao, NR/B/B+) is in talks with banks for to raise a $300 mn bond of under 1 year maturity, according to press reports. The Chinese aluminium producer's $300 mn 6.875% 2018 bond will mature on 3 May and its refinancing plan ..

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