A Chinese tech company is in the midst of a financial crisis, as its manufacturing division faces mounting debt and a lack of funding.
The Global Times reports that Zhong Xing, a manufacturing company with a factory in the city of Hebei, has a total debt of more than 1.3 billion yuan ($17.4 million).
The Chinese-language Global Times says that the company has a manufacturing plant in Wuhan and a factory outside of the city.
The Chinese government has not taken any steps to resolve the problem, which is causing the company significant financial distress.
The Financial Times reports the company was founded in 1996.
Zhong’s stock plunged in June and has since stabilized.
According to the Global Times, Zhong had been a popular brand among foreign buyers of its products, with many of its customers in China.
But the company, like many others, is struggling to find new investors.
In January, Zhang had its second bankruptcy in a decade.