Chinese Copper Giant Maike Seeks Help With Liquidity Issues
- Firm in difficulties because of virus flare-ups, chairman says
- Payment delays affecting imports but impact limited: He Jinbi
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One of China’s most influential commodities traders is seeking government aid to shore up its finances, in the latest sign of how a sagging economy is squeezing the country’s private sector.
He Jinbi, founder and chairman of Maike Metals International Ltd., has asked the government and financial institutions for help after liquidity issues forced his company to delay some payments for imported copper, he told Bloomberg News. BHP Group, the world’s biggest miner, is among suppliers that are diverting shipments away from Maike for now, according to people familiar with the matter.