In addition, the recent bankruptcy announcement by Shaanxi’s billion-yuan steel company, Dongling Group, has also sent shockwaves through the industry. Reports indicate that the bankruptcy of Dongling Group will affect 18,000 employees.
The bankruptcy of Dongling Group has surprised many, as the company was still widely regarded as a “billion-yuan private enterprise” and a member of the “Top 500 Enterprises” in China. On September 20, 2023, Dongling Group’s official WeChat account even announced that it had made the list of the “Top 500 Chinese Enterprises” for the 19th consecutive year. The company ranked 205th on the list with a revenue of 125.7 billion yuan. Additionally, in the “Top 500 Chinese Service Industry Enterprises” list released at the same time, Dongling Group ranked 69th.
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China’s Steel Giant With Hundred-Billion-Dollar Assets Collapses, 18,000 Workers Jobless Overnight
