ANNOUNCED AS TEMPORARYNo
Bailout (capital injection or equity participation)
On the 15th of August 2017, after a joint meeting in Hong Kong, China's CITIC, the largest conglomerate in the country, announced it would be buying 806.6m new shares and USD 320m of convertible bonds in Hongqiao group, a state-owned Chinese aluminium smelter, which is also the world's largest.
The move comes after a series of difficult years for Hongqiao, which has struggled to adapt its business model to the increasingly stringent environmental requirements from the Chinese government, leading to many plants being either idled or shut down.
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