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13-704: The company was founded in 2002 as a part of the Qixing Group , a private industrial group based in Shandong with diversified holdings. In February 2010, the company became listed on the Shenzhen Stock Exchange . The parent company, Qixing Group, experienced financial difficulties due to overborrowing and rapid expansion in the 2010s. At the peak of its expansion in 2012, the parent company had added capacity to its core business of aluminum production and entered into new lines of business. Years later

26-710: A 3.07% share. The company attempted to move into mining in a takeover bid extending from 2013-14. Qixing Iron Tower made a preliminary offer in May 2013 for Australian-based Stonewall Resources , an Australian Securities Exchange listed miner with assets in Australia and South Africa. After due diligence was completed, the sale of Stonewall Resources was announced in November 2013. The proposed transaction required necessary approvals in China, South Africa, and Australia, prolonging

39-527: A local financial crisis in Shandong in 2017 based on a web of cross guarantees between the company and other local companies in Zouping County . A total of 10 billion RMB in loans had been advanced to the company and other local companies with the borrowers guaranteeing the debt of the others. In April 2017 the company defaulted on a repayment of seven billion RMB triggering fears of reverberations in

52-402: Is a county-level city of Shandong province. The population in 2020 was 774,517. The city is located on the northern edge of the mountainous central portion of the province. It is under the administration of the prefecture-level city of Binzhou , but is only 28 kilometres (17 mi) west of downtown Zibo . As 2012, this City is divided to 3 subdistricts and 13 towns. Zouping is one of

65-458: The acquisition via a private placement worth 6.3 billion RMB with the amount raised going towards the purchase consideration and an expansion of Beixun's wireless broadband data network in nines cities. After the acquisition the company changed its name to Northcom. The company is involved in providing wireless broadband services and manufactures a range of steel products including communications and power transmission towers. Its primary clients in

78-458: The company owned an array of other businesses including property development, power cables and ceramics and a five-star hotel before shedding businesses as part of a restructuring plan from heavy debt accumulated during its rapid expansion. It is one of the main industrial groups in Zouping County , one of the richest counties in the country. The company's rapid growth has depended on generous availability of corporate debt. Through heavy borrowing

91-450: The company was able to expand its aluminum production operations and enter other lines of business. By 2012, Qixing would reach its apex. The group company was then made up of 15 operating companies and seven subsidiaries with revenue 15 billion RMB ($ 2.3 billion) and had 12,000 employees. These businesses included Qixing Iron Tower , a Shenzhen Stock Exchange listed subsidiary, that manufactured transmission towers. Years later Zeng Libin,

104-433: The duration of the deal process. The parties worked throughout 2014 to obtain the approvals to close the deal. However, the deal was terminated by Qixing Iron Tower in November 2014, 10 days before the deadline for completion. After the purchase by Longyue Investment, the company was the vehicle for the 3.55 billion RMB acquisition in 2015 of Beixun Telecom, provider of wireless broadband services. The company raised funds for

117-608: The intragroup lending activity. The securities regulator found the company had violated its disclosure obligations and imposed penalties. Amid the financial troubles, the Qixing Group would sell almost its entire stake in Qixing Iron Tower to Longyue Investment in December 2014. After the sale, Longyue Investment became the controlling shareholder of Qixing Iron Tower was a 31.87% share and Qixing Group only retained

130-685: The local financial system. However, the repayment was made a few days after the default, restoring calm in the market. As part of a local government orchestrated restructuring plan, the Xiwang Group took over the company and guaranteed its debts in April 2017. The company's core business it the production of aluminum. It operates a 130,000 metric tons per year aluminum smelter and 500,000 metric tons per year alumina refinery. Zouping County Zouping ( simplified Chinese : 邹平市 ; traditional Chinese : 鄒平市 ; pinyin : Zōupíng Shì )

143-413: The manufacturing segment are utilities and telecom companies including the two major Chinese utilities China State Grid and China Southern Power Grid , Reliance Group of India and ZTE . The company is the major Chinese exporter of towers. Qixing Group Shandong Qixing Group Co., Ltd. is a private Chinese business group whose subsidiaries are engaged in the smelting of aluminum. At one point

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156-686: The president of the China Aluminum Association would say "Qixing expanded blindly". Throughout 2014, the parent company and its subsidiary Qixing Iron Tower engaged in intracompany lending transactions that were not adequately disclosed according to the listing rules of the Shenzhen Stock Exchange. The Shandong provincial bureau of the China Securities Regulatory Commission launched an investigation into Qixing Iron Tower into

169-471: The president of the China Aluminum Association, would say "Qixing expanded blindly" during this period of easy credit and expansion. From its peak, the company would have to sell assets to repay debt as its financial situation deteriorated. The company's interest in Qixing Iron Tower (later renamed Northcom Group) was sold to the Longyue Group in December 2014. The Qixing Group was at the center of

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