CDC Corp. an internet-related Chinese company listed in NASDAQ, filed on Wednesday for bankruptcy protection, hammering its stocks by more than 50 percent.
CDC filed the bankruptcy in the U.S. bankruptcy court in Atlanta. According to CDC's latest quarterly earnings report, it had 377.4 million dollars in assets and 250.2 million dollars in liabilities.
CDC's stocks were largely sold off in the wake of the news. It tumbled more than 50 percent to trade at 42 cents per share on Wednesday before Nasdaq halted its trading.
Founded in 1997, CDC provides business-software applications and services, information-technology consulting and IT staffing. In 1999, CDC successfully went public in the U.S. stock market, becoming the first Chinese internet company listed in Nasdaq.
CDC filed the bankruptcy in the U.S. bankruptcy court in Atlanta. According to CDC's latest quarterly earnings report, it had 377.4 million dollars in assets and 250.2 million dollars in liabilities.
CDC's stocks were largely sold off in the wake of the news. It tumbled more than 50 percent to trade at 42 cents per share on Wednesday before Nasdaq halted its trading.
Founded in 1997, CDC provides business-software applications and services, information-technology consulting and IT staffing. In 1999, CDC successfully went public in the U.S. stock market, becoming the first Chinese internet company listed in Nasdaq.
