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Zhejiang Glass Denies Hexun Report It May Declare Bankruptcy

Zhejiang Glass Co., which has been suspended from trading in Hong Kong for almost a year, denied a report by news website that it may declare bankruptcy.

Bankruptcy is “impossible,” Tao Haipin, a Zhejiang Glass investor relations official, said by telephone today. “We are looking for partners for restructuring.” The company’s stock was suspended May 2010 pending the release of its 2009 earnings.

Hexun reported yesterday that Zhejiang Glass may declare bankruptcy or be acquired by a state-owned company, citing banks and the local government of the region where the company is based. The glassmaker owes banks 7 billion yuan ($ billion), Hexun reported, citing an unidentified person familiar with the company’s accounts.

“Basically, the company is now under the control of the local government and the future is all based on the government’s decision,” Zhejiang Glass’s Tao said today by telephone.

Zhejiang Glass was the first company from China founded by private individuals to list shares in Hong Kong, Hexun reported.

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