A key enterprise of the former Ministry of Chemical Industry, 54 years of history of rubber bankruptcy and liquidation

- May 22, 2019-

According to sources, a part of the assets of an old state-owned enterprise, which was established in 1965, will be publicly auctioned recently. The rubber company is a Yangtze River Rubber Manufacturing Co., Ltd. located in Chongqing. The company has already been insolvent when applying for bankruptcy, and its asset-liability ratio. Up to 182%.


After the verification of "China Rubber", Chongqing Changjiang Rubber Manufacturing Co., Ltd. was formerly known as Chongqing Changjiang Rubber Factory, one of the key enterprises of the former Ministry of Chemical Industry. It was re-registered in 1981, and the company had a good development before 2000. The key supporting manufacturers of Chongqing automobile and motorcycle manufacturing industry.


However, what is striking is that after the golden development period, the company's production and operation gradually failed to adapt to the modern social and economic development, and gradually lags behind in the fierce market competition. The losses in the operation are expanding year by year, and the company's assets as of 2017. The total amount is 121 million yuan and the total liabilities are 222 million yuan.


The company’s mismanagement led to the break of its capital chain, which was unable to settle the arrears on the supplier on time. Therefore, it was repeatedly appealed to the court for compulsory measures, and then it was stopped after being forced to carry out environmental relocation. In production, in 2017, he filed for bankruptcy due to the inability to pay off the debts due.


According to public information, Changjiang Rubber was the largest manufacturer of military rubber products and civilian rubber miscellaneous goods in the Southwest in the 1990s. It has eight production bases and more than 2,000 sets of domestic and imported equipment. 28 major categories, tens of thousands of specifications of rubber products, motorcycle tires, seals and other leading products.