Laminating equipment company Kangde Xi Composite listed on the Shenzhen Stock Exchanged in July 2010. In January 2019, the company defaulted on a RMB1bn bond having reported RMB15bn in cash a few months earlier. In August 2020, Chinese regulatory investigators revealed a complex web of accounts and transactions with illegal underground lenders that employees at Kangde used to carry out the fraud. Sales and other documents had been systematically falsified over a four-year period and inflated profits by RMB11.5bn. The company was, in reality, loss-making.

Last updated August 2022.

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