SHANGHAI, Dec 29 (Reuters) - A Chinese bond market regulator said on Saturday it would suspend services for Wintime Energy Co Ltd, which would effectively block the company’s ability to issue debt financing instruments, due to its violation of market rules.
Wintime Energy had repeatedly failed to disclose information in time, including announcements of overdue debts and changes to accounting estimates, the National Association of Financial Market Institutional Investors (NAFMII) said in a statement.
NAFMII, an official market body under the central bank, said it would suspend “relevant services” for Wintime Energy for one year, effectively freezing the company’s ability to issue commercial paper and medium-term notes overseen by NAFMII.
The association also ordered the company to carry out “in-depth rectification” of the problems it discovered.
Calls to Wintime Energy on Saturday were not answered.
Wintime Energy defaulted on payments on 11 bonds worth a total of 14.69 billion yuan ($2.14 billion) in 2018, according to data compiled by Reuters.
According to Refinitiv data, Wintime Energy has bonds totalling 7.4 billion yuan coming due in 2019, part of a wave of maturities likely to put pressure on corporate issuers in the new year.
$1 = 6.8755 Chinese yuan Reporting by Andrew Galbraith; Editing by Richard Borsuk