CSRC admits Chaori bond default

The default of Shenzhen-listed Shanghai Chaori Solar Energy Science & Technology Co is the first interest default in China's corporate bond market, China's securities regulator said Thursday.

The bond issuer should disclose information in a timely manner and the regulator will supervise issuer and underwriters to take their responsibility, the news portal cnstock.com reported Thursday citing Ouyang Zehua, head of the Securities Listing Department of China Securities Regulatory Commission (CSRC).

Chaori said Wednesday that it could not repay the 89 million yuan ($14.52 million) in interest on a two-year loan, which is due on Friday.